Examlex
When going on a job interview, which of the following should you remember?
Long-run Total Costs
The aggregate sum of all production costs for a company when all input factors are variable, analyzed over a prolonged period.
Economies of Scale
The cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.
Average-total-cost Curve
A graphical representation that shows the average total cost of producing each quantity of output.
Marginal-cost Curve
The marginal-cost curve depicts how the cost of producing one additional unit of a good or service varies as production increases.
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