Examlex
When consumers discard their gasoline-powered automobiles for electric-powered ones,this partially reflects the ________ of gasoline.
Real Cost
The total cost of producing a good or service, including all resources consumed and opportunity costs, in contrast to its financial cost.
Law of Diminishing Returns
An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other factors remain constant.
LRATC
Long-Run Average Total Cost, referring to the average cost per unit of output when all inputs are considered variable over time.
Economies of Scale
Businesses experience cost savings linked to the size of their operations, with the per-unit cost usually falling as the operation size grows.
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