Examlex
Computerized medical records
Average Total Cost
The total cost of production divided by the quantity produced, taking into account both fixed and variable costs.
Excess Capacity
The situation where a company is producing less than its full potential output due to lack of demand or other constraints.
Efficient Scale
The level of production at which a firm achieves the lowest average total cost, with economies of scale fully exploited.
Business-Stealing Externality
Negative impacts on existing firms due to entry of new competitors, which can steal customers and reduce profits.
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