Examlex
When disparities in prices between different country markets exceed the transportation and duty costs separating the markets,enterprising individuals can purchase goods in the lower-price country market and then transport them for sale in markets where higher prices prevail.Give examples in support of this statement.
Industry Output
The total amount of goods or services produced by a particular industry over a specific time period.
Decline
A decrease in the quantity, quality, or level of something, often indicating a negative trend.
Upward Sloping
A term describing a line on a graph that moves higher as you move from left to right, used in various economic contexts.
Long-Run Supply Curve
A graphical representation showing the relationship between market prices and the amount of output produced over time, considering all inputs as variable.
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