Examlex
What is the North-South gap,and what explains the gap? Provide examples.
Supply Curve
The supply curve is a graphical representation showing how the quantity of a good that a supplier is willing and able to sell varies depending on the price.
Long-run Equilibrium
A state in which all factors of production and costs are variable, allowing firms in a perfectly competitive market to make zero economic profit, balancing supply and demand.
Maximum Profits
The highest possible financial gain that a business can achieve in a given period, optimizing revenue while minimizing costs.
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