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Describe the reshaping of the world population due to European emigration overseas. What were the emigrants' countries of origin, destination, and motivation for leaving? Support your answer with examples.
Competitive Firm
A firm operating in a market where it has no power to influence market prices and typically faces many competitors with similar products.
Normal Profits
The minimum level of profit needed for a company to remain competitive in the market; it occurs when economic profit is zero after accounting for all costs, including opportunity costs.
Purely Competitive
A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market, leading to price-taking behavior.
Long Run
A period in which all factors of production and costs are variable, allowing complete adjustment to changes.
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