Examlex
Why did Thomas Jefferson state that "a [slave] child raised every 2 years is of more profit than the crop of the best laboring [slave] man"?
Economies of Scale
Refers to the cost advantage experienced by firms when they increase their level of production. The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced.
Oligopolistic
Pertaining to an oligopoly, a market structure with a few firms dominating the industry, leading to limited competition.
Herfindahl-Hirschman Index
A measure of market concentration to assess the level of competition within an industry.
Herfindahl-Hirschman Index
A measure of market concentration, calculated by summing the squares of the market shares of all firms in the industry.
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