Examlex
Both the competitive firm's demand curve for labor and the monopoly firm's demand curve for labor always slope downwards.
Constant Returns to Scale
A situation in which increasing the amount of inputs in production results in a proportional increase in output.
Long-run Total Costs
The total costs incurred by a firm when all factors of production are variable, emphasizing the period where no costs are fixed.
Average-fixed-cost Curve
A curve that shows the relationship between the average fixed cost of producing a good and the quantity of the good produced, typically declining as production increases.
Marginal Product
The increase in output that results from employing one more unit of a particular input, holding all other inputs constant.
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