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If an import-competing firm is imperfectly competitive, then under free trade an export tariff will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare.
Scale of Production
Refers to the level at which a manufacturing process operates, which can impact the efficiency and cost per unit of production.
Average Costs
The total costs (fixed and variable) divided by the total output, indicating the cost per unit of output produced.
Decreasing Returns to Scale
A situation in which, when the scale of production is increased, the output increases at a proportionally lower rate.
Minimum Efficient Scale
The smallest level of production a company can achieve while still taking full advantage of economies of scale in terms of costs per unit.
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