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MATCHING DEFINITION

New firms come into a market in which existing firms are making an economic profit and the number of firms increases.

Break$-$even point

Economic loss

Economic profit

Entry

Equilibrium price

which a firm may determine the price, input and output levels that lead to the high

Equilibrium quantity

Exit

Long$-$run equilibrium

Marginal revenue

Perfect competition

Perfect substitute

Perfectly elastic demand

Price taker

Profit maximization

Profit$-$maximizing output

Short$-$run market supply curve

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