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Which factor ALWAYS results in an increase in price and quantity?
Economies of Scope
Economies of scope describe cost advantages that enterprises obtain due to a broader scope of operations, where producing a wider variety of goods or services leads to lower average costs.
Economies of Scale
Reductions in the average cost of a product in the long run, resulting from increased production and operational efficiencies.
Learning Curve
The concept that describes how new skills or knowledge can be acquired more efficiently over time, leading to decreased costs and increased productivity.
Long-run Average Cost
The average cost per unit of output over time when all inputs, including capital, are variable, showing economies or diseconomies of scale.
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