Examlex
Using a graph, show a short-run equilibrium for the industry and the firm. Explain the graph.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing as scale increases.
Diseconomies of Scale
The phenomenon where production costs increase as a firm expands output, leading to reduced efficiency.
U-Shaped Long-Run Average Cost Curve
This describes the phenomenon where, over time, average costs first decrease with increased production, hit a minimum, and then increase with further production increase, forming a U-shape.
Minimum Cost
The lowest possible expense at which a particular set of goods or services can be produced or acquired.
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