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Using examples from Ehrenreich's research, discuss the ways in which low-wage work involves more hardship and deprivation than being on welfare.
Economies of Scale
The cost advantages that enterprises obtain due to the size, output, or scale of their operation, with costs per unit of output generally decreasing with increasing scale.
Long-Run Average Cost
The per unit cost of production when all factors of production are variable, typically representing the most efficient level of production over time.
Average Fixed Cost
It measures the fixed expenses per unit of production, highlighting efficiency gains as production scales up, typically declining as output expands.
Total Variable Cost
The total of all costs that vary with the level of output, including materials, labor, and other expenses that increase as production increases.
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