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What was the most significant aspect about Canada's first Citizenship Act?
Increasing-Cost Industry
An industry in which the costs of production increase as more firms enter the market, typically due to limitations in resources.
Decreasing-Cost Industry
An industry in which the average cost of production decreases as the industry grows and output increases.
Decreasing Returns to Scale
A situation in which a proportional increase in all inputs leads to a less than proportional increase in output, indicating reduced efficiency as scale of production expands.
Long-Run Equilibrium
A state in which all factors of production and inputs can be adjusted by firms, leading to a situation where no firm has an incentive to change its output or production method.
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