Examlex
Use a graphing utility to graph the function over the indicated interval and approximate any local maxima and local
minima. Determine where the function is increasing and where it is decreasing. If necessary, round answers to two
decimal places.
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Decreasing-cost Industry
An industry where the cost per unit of output decreases as the scale of production increases.
Long-run Equilibrium Price
The price level at which the quantity supplied equals the quantity demanded, achieved over a period where all inputs can be varied by producers.
Increase in Demand
A situation where there is a rise in consumers' desire to purchase goods or services, leading to higher quantity demanded at every price level.
Constant Costs
Occur when the cost of producing an additional unit of a good does not change as the scale of production increases or decreases.
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