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Long Run Market Supply Curve
Long Run Market Supply Curve

... – the sum of short-run profits and fixed costs • In the long-run, all profits are zero and there are no fixed costs – owners are indifferent about whether they are in a particular market ...
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... markets are being split into smaller niches as consumer choices become highly differentiated due to income variations or socioeconomic changes. Second, a simple commodity market is gradually transformed into a highly differentiated product market in order to fulfill consumer preferences for product ...
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Grey market

A grey market (sometimes called a parallel import, but this can also mean other things; not to be confused with a black market or a grey economy) is the trade of a commodity through distribution channels which are legal but are unofficial, unauthorized, or unintended by the original manufacturer. The most common type of grey market is the sale, by individuals or small companies not authorised by the manufacturer, of imported goods which would otherwise be either more expensive in the country to which they are being imported, or unavailable altogether. An example of this would be the import and subsequent re-sale of Apple products by unlicensed intermediaries in countries such as South Korea where Apple does not currently operate retail outlets and licensed reseller markups are high.
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