Examlex
Functional diversity is an important component of biodiversity.
Constant Returns to Scale
A situation where increasing all inputs by the same proportion results in output increasing by that same proportion, indicating linear scalability of production processes.
Economies of Scale
Refers to the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, leading to a decrease in the per-unit cost as output increases.
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