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In the long run, a perfectly competitive firm can make an economic profit because its marginal cost equals its average total cost.
North America
A continent located in the Northern Hemisphere, mainly consisting of three countries: Canada, the United States, and Mexico.
China
A country in East Asia, the world's most populous nation, known for its rich history, culture, and its significant role in the global economy and politics.
Europe
A continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere, characterized by diverse cultures, languages, and histories among its countries.
Collectivism
A cultural or social outlook that emphasizes the importance of groups and collective identity over individual action or identity.
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