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In a market, the price of any good adjusts until quantity demanded equals quantity supplied.
Decreasing-Cost Industry
An industry where the average cost of production decreases as the industry's output increases, often due to economies of scale.
Long-Run Industry Supply Curve
A graphical representation that shows the relationship between the price of a good and the total output of the industry over time, assuming all inputs are variable.
LRAC Curve
the Long-Run Average Cost curve, showing the lowest average cost at which any output level can be produced when all inputs are variable.
Increasing-Cost Industry
An industry where the costs of production increase as the output expands, often due to factors like resource depletion and higher input prices.
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