Examlex
Distinguish between repetition and paraphrasing.
Purely Competitive
A market scenario where sellers sell identical products, and there is free entry and exit, ensuring no single seller can influence market prices.
Long Run
An interval in which every aspect of production and costs can vary, enabling modifications to all contributions.
Supply
The whole sum of a service or product that is up for sale at a certain price tier in a specific marketplace.
Decreasing-Cost Industry
An industry where the average cost of production decreases as the industry's output increases, often due to economies of scale.
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