Examlex
A picture,drawing,or chart of reality is a ________ model
Increasing-cost Industry
An industry in which the costs of production increase as the industry expands due to factors like limited resources or higher input prices.
Long-run Supply
The time period in economics during which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market conditions.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to produce and sell.
Decreasing-cost Industry
An industry where costs per unit decline as the industry's output increases due to economies of scale.
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