Examlex
What are the three main physiographic provinces of East Asia? Discuss at least two characteristics of each province, such as elevations, geology, or vegetation.
Perfectly Competitive Markets
Markets in which no individual buyer or seller has any significant impact on prices and products are perfect substitutes.
Minimum ATC
The lowest point on the Average Total Cost curve, indicating the most efficient scale of production for a firm in the long run.
Economic Profit
Profits earned by a firm or an individual after subtracting both the explicit costs and opportunity costs of resources employed.
Short Run
A time period in which at least one factor of production is fixed and cannot be changed, contrasting with the long run where all factors are variable.
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