Table 3-25
Assume that Maya and Miguel can switch between producing mixers and producing toasters at a constant rate.
-Refer to Table 3-25. The opportunity cost of 1 toaster for Miguel is
Definitions:
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment to changes.
Extensive Range
A wide scope or variety of something, covering a broad spectrum.
Constant Returns to Scale
A situation in which increasing the scale of production inputs results in a proportional increase in the output.
Long-run Average Total Cost
The cost per unit of output incurred when all factors of production, including physical capital, are variable.
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