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Constant-Cost Industry
An industry where the input prices do not change as the industry output changes.
Decreasing-Cost Industry
An industry where average costs decrease as the industry's output increases, often due to economies of scale.
Productive Efficiency
A situation when an economy or entity is operating at its maximum capacity, utilizing resources effectively to produce goods and services at the lowest possible cost.
Productive Efficiency
A situation where an economy or entity cannot produce more of one good without affecting the production of another good, utilizing all resources optimally.
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