Examlex
Mao's "Let a hundred flowers bloom" program was especially harsh on
Efficient Scale
The level of production that minimizes long-term average total costs, resulting from economies of scale without incurring diseconomies of scale.
Marginal Cost
The supplementary cost attached to the output of an additional product or service unit.
Diminishing Marginal Product
The principle stating that as one inputs more of a factor of production while holding other inputs constant, the added output produced from each additional unit of the variable input eventually decreases.
Fixed Costs
Fixed costs are business expenses that remain constant regardless of the level of production or sales, such as rent, salaries, or loan payments.
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