Examlex
Rehabilitation-based sentencing is predicated on the criminal act committed rather than reform in the future.
Long-Run Cost
Costs that a firm incurs when all factors of production and costs are variable, not fixed, in the long term.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing as scale increases.
Diseconomies of Scale
The phenomenon where production costs increase as a firm expands output, leading to reduced efficiency.
U-Shaped Long-Run Average Cost Curve
This describes the phenomenon where, over time, average costs first decrease with increased production, hit a minimum, and then increase with further production increase, forming a U-shape.
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