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Industry Standard
A set of criteria within an industry that acts as an agreed-upon norm or benchmark for products, services, and processes.
Economies of Scale
A concept in economics where increasing the scale of production leads to a decrease in the average cost of each unit produced.
Natural Monopolies
Industries in which high infrastructure costs and other barriers make it efficient for a single company to supply all of the market's needs.
Output
The total quantity of goods or services produced by an individual, firm, or country over a specified period.
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