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A patient diagnosed with gout is concerned that the small "lumps" on his ear and big toe will become lodged in his blood, resulting in a blood clot. Which explanation by the nurse is most accurate?
Production Function
Describes the relationship between inputs used in production and the resulting output.
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment.
Diseconomies Of Scale
Situations where a firm's costs per unit increase as the scale of production increases, typically due to inefficiencies that arise from becoming too large.
Diminishing Returns
A principle stating that if one input in the production of a commodity is increased while other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.
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