Examlex
Bentham supported the idea of imprisoning convicted offenders; his idea, along with others, led to a transformation in the type of punishment in Western societies at the end of the 18th and the beginning of the 19th centuries.
Returns to Scale
The variation in production output resulting from a proportional alteration of all input factors in the manufacturing process.
Constant-Cost Industry
An industry in which the input prices and production costs remain constant as the industry output changes.
Long-Run Equilibrium
A state in which all firms in an industry are producing at their minimum long-run average cost and are earning normal profits.
Units of Output
The measurable amount of goods or services produced by a company or industry.
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