Examlex
Which medical term means pertaining to the third section of the small intestine?
Long-Run Average Cost
The average cost per unit of output when all inputs, including capital, are variable, allowing for the adjustment of all factors in production to achieve the lowest cost.
Output
The quantity of goods or services produced in a given period of time.
Returns to Scale
The change in output resulting from a proportionate increase in all inputs (factors of production), where increasing, constant, and decreasing returns to scale can occur.
Long-Run Average Total Cost
The average cost per unit of output in the long term when all inputs can be varied by the firm and economies of scale have been reached.
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