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How do increasing returns to scale affect the shape of the long-run average cost curve?
Profit
The financial gain realized when the revenue earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Marginal Revenue
The additional revenue that a firm receives from selling one more unit of a good or service.
Marginal Cost
The extra expense resulting from the manufacture of an additional unit of a product or service.
Competitive Price-Taker
A market participant who cannot influence the price on the market but instead must accept the prevailing market price.
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