Examlex
The changing color of a bruise is caused by the breakdown products of hemoglobin. Hemoglobin is broken down into , which is a green molecule. is a yellowish- brown molecule, again a breakdown product of hemoglobin.
Long-run Equilibrium
The condition in which all factors of production can be adjusted, leading to a situation where no firm in the industry wishes to change its output.
Market Price
The current value at which an asset or service can be bought or sold in an open market.
Economies of Scale
The economic benefits that businesses gain from their size of operations, where the expense per unit of production typically lowers as the scale increases.
Increasing Returns
A situation in which an increase in the scale of production results in a disproportionate increase in output, usually leading to lower average costs.
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