Examlex
The principle of lateral continuity proposes that sedimentary rock layers continue in all directions until they grade into a different rock type or thin out on the edge of a basin is important because______ .
Long Run
A period in economic analysis where all factors of production are variable, allowing for complete industry adjustment.
Industry Supply
The total output of goods or services that firms in a specific industry are willing and able to sell at various prices, over a certain period of time.
Purely Competitive Industry
A market structure where many firms offer products or services that are similar, allowing for free entry and exit, and ensuring no single firm can influence market prices.
Long-Run Adjustments
Changes in the scale of production or in the input mix used by firms in response to economic conditions over a period where all inputs can be varied.
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