Examlex
What does the following statement imply about price elasticity of demand? "An unexpected spike in world oil prices leads to dramatic increase in revenue for the world's oil producers."
Diseconomies of Scale
The phenomenon where increasing production leads to an increase in the average costs of production, opposite of economies of scale.
Economies of Scale
The cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.
Constant Returns to Scale
The condition where increasing all inputs by a certain factor leads to an increase in output by the same factor, indicating linear scalability in production processes.
Economies of Scale
Cost advantages that enterprises obtain due to scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.
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