Examlex
Jordi is a Spaniard who lives in Barcelona.Barcelona is the capital of Catalonia,a region of northeastern Spain.Jordi feels more loyalty to his region,Catalonia,than to his country,Spain.He prefers to speak the local language,Catalan,although he speaks Spanish equally well.Jordi's feelings for Catalonia are an example of:
Long Run
A period of time in economics during which all factors of production and costs are variable.
Apple Orchard
An agricultural area dedicated to the cultivation of apple trees for the purpose of producing apples.
Long-run Equilibrium
A state in which all factors of production and costs are variable, allowing firms to make adjustments leading to the establishment of a market balance.
Perfectly Competitive Industry
An industry characterized by many buyers and sellers, where no single entity can influence the market price of the product.
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