Examlex
The digital divide accentuated the poverty and underdevelopment of nations whose populations lacked access to technology.
Purely Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and a product that is homogeneous across suppliers.
Short Run
A period of time during which at least one input, like equipment or labor, is fixed while others can be varied to change output levels.
Automatic Market Adjustments
The self-regulating behavior of markets where prices and quantities adjust to changes in demand and supply conditions without external intervention.
Purely Competitive Firm
A market structure where firms are price takers and sell homogeneous products with many buyers and sellers, leading to perfect competition.
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