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LINE GRAPH: A graph containing one or more lines or curves that are used to represent relations between two (or more) variables. A line graph is a useful method of illustrating scientific principles and hypotheses important for the economic analysis.

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PERFECT COMPETITION, LONG-RUN EQUILIBRIUM CONDITIONS

The long-run equilibrium of a perfectly competitive industry generates six specific equilibrium conditions, including: (1) economic efficiency (P = MC), (2) profit maximization (MR = MC), (3) perfect competition (MR = AR = P), (4) breakeven output (P = AR = ATC), (5) minimum production cost (MC = ATC), and (6) minimum efficient scale (MC = ATC = LRAC = LRMC).

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Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for jovial bank tellers.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
"It has been my philosophy of life that difficulties vanish when faced boldly. "

-- Isaac Asimov

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