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Explain what happens to firm output and profits in the long run when higher energy costs raise the marginal cost of production for firms in a competitive industry.
Small-batch Production
A manufacturing technique focused on producing small quantities of products, allowing for customization and flexibility.
Continuous-process Production
A manufacturing method where raw materials are processed in a continuous flow through various stages to produce finished products.
Mass Production
The manufacturing of large quantities of standardized products, often utilizing assembly line techniques.
Small-batch Production
A production process characterized by the manufacturing of small quantities of goods tailored to specific customer needs or market demands.
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