Examlex
Which of the following is not a water-based cement?
Inferior Good
A type of good for which demand decreases as the consumer's income rises, reversing the typical behavior observed with normal goods.
Long-run Equilibrium
A state in which economic forces such as supply and demand are balanced and in the context of production, firms are operating at an efficient scale.
Decreasing-cost Industry
An industry in which production costs fall as the industry expands, often due to economies of scale or technological improvements.
Long-run Equilibrium Prices
The price at which the quantity supplied equals the quantity demanded, stabilized over a longer period, factoring in all market adjustments and resource mobility.
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