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Long-run aggregate supply is equal to
Natural Monopolies
A market structure in which a single supplier is the most efficient at delivering goods or services due to unique circumstances, often regulated by the government.
Market Power
The ability of a firm or entity to influence the price and production levels within a market.
Natural Monopoly
A situation in which a single firm can produce the entire market output at a lower cost than could several firms, making it most efficient for a single firm to serve the entire market.
Average Total Cost
The total cost of production divided by the total quantity of output produced.
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