Examlex
Find the domain of the rational function.
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Long Run
A period in economics where all factors of production and costs are variable, allowing full adjustment to any change in economic conditions.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, leading to a reduced cost per unit of output.
Average Variable Cost Curve
A graphical representation that shows how the average variable cost of production varies with the level of output.
Long-run Average Total Cost
This refers to the per unit cost of production when all inputs can be adjusted, conceived for analyzing the scale of production without the constraint of fixed capital.
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