Examlex
How does microeconomics relate to macroeconomics?
Long-Run Average Cost
The per-unit cost of production in the long term, where all inputs, including capital, are variable, often used to analyze economies of scale.
Scale Of Operation
The scope or size of a business or production process, which can affect efficiency and cost.
World Price
The international market price of a good, influenced by global supply and demand.
Free International Trade
The exchange of goods and services across international borders without restrictions such as tariffs, quotas, or subsidies.
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