Examlex
Seeds of a plant that is native to Mexico are released in mid-spring just as their native habitat is drying out and becoming unfavorably hot.They are dormant after they are released.This example demonstrates that seed dormancy usually helps ensure that
Long Run
A period of time in which all factors of production and costs can be fully adjusted, and there are no fixed factors of production.
Short Run
A period in which at least one factor of production is fixed, and only the variable factors can be adjusted by firms to influence output.
Innovation
The process of developing new ideas, products, or methods that improve upon existing standards or create novel solutions.
Invention
The creation of a new product, process, or idea that previously did not exist.
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