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Why did the populations of richer nations grow more slowly than the populations of poorer nations at the end of the twentieth century?
Profit Per Unit
The amount of income that a company earns above its costs for producing one unit of a good or service.
Short Run
A period in which at least one input, such as capital, is fixed, allowing only some factors, like labor, to change in quantity.
Long Run
A period in economics during which all inputs, including capital, are variable, allowing firms to adjust all aspects of production in response to market changes.
Loss Per Unit
The amount of financial loss incurred for each unit of product sold or produced.
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