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In a perfectly competitive market, long-run average cost and long-run marginal cost are constant and equal: LAC = LMC = $8 for a typical firm. However, one of the firms discovers a technological innovation lowering its average cost and marginal cost to $7. How will this affect the equilibrium price? If all firms can take advantage of the innovation, what is the impact on the market price and industry profits?
Genetic Expression
The process by which information from a gene is used in the synthesis of a functional gene product, such as proteins or RNA, influencing an organism's traits.
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A field of study that examines the role of genetic and environmental influences on behavior.
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The inherent qualities or characteristics of something, or the physical world collectively, including plants, animals, and landscapes.
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