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Are sunk costs ever differential costs? Explain.
Third Industrial Revolution
The period characterized by the digital revolution and the use of electronics and information technology to automate production.
Law of Diminishing Returns
A principle stating that as one factor of production is increased while others are held constant, there comes a point at which the marginal gain in output begins to decrease.
Long Run
A period in which all factors of production and costs are variable, allowing for complete adjustment to changes.
Commercial Aircraft
Airplanes designed specifically for carrying passengers and/or cargo for commercial airlines.
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