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Problem formulation involves identifying a problem but not knowing the solution.
Long-Run Supply Curve
A curve showing the relationship between price and quantity supplied that takes into account all possible adjustments in inputs and outputs.
Constant-cost Industry
An industry where the costs of production do not change as the total output in the industry changes.
Long-run Supply
Long-run Supply refers to the quantity of a good that producers are willing and able to supply onto the market at different price levels when all production inputs can be varied.
Supply Curve
A graph showing the relationship between the price of a good and the quantity of that good that producers are willing to supply.
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