Examlex
Multiply using one of the rules for the square of a binomial. Assume any variable exponents represent whole numbers.
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Economies Of Scale
Economies of scale are cost advantages reaped by companies when production becomes efficient, as the cost per unit of output decreases with the increase in scale of operation.
Natural Monopoly
An industry that realizes such large economies of scale that single-firm production of that good or service is most efficient.
Profit-Maximizing Price
The price at which a firm can sell its product to earn the maximum possible profit on those sales.
Marginal Revenue
The additional income from selling one more unit of a good; it is the change in total revenue from an additional unit sold.
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