Examlex
Explain the three steps in the performance appraisal process.
Industry Supply Curve
A graphical representation showing the total quantity of a good that producers in an industry are willing to supply at various prices.
Individual Supply Curves
Graphical representations that show the relationship between the price of a good and the quantity of the good that a single producer is willing to supply.
Short-run
A period of time in which at least one input is fixed and cannot be changed, affecting the capacity to adjust production levels.
Long-run Equilibrium
A state in which all factors of production and inputs can be fully adjusted, and there are no fixed variables, resulting in market supply equalling market demand.
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