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Economies of scale most often occur in industries whose initial fixed cost of plant and equipment is low.
Good A
A placeholder term typically used in economic models to represent a generic item or service in the market.
Income Falls
A situation where an individual's or group's earnings decrease over a period of time.
Normal Good
A good for which an increase in income raises the quantity demanded.
Inferior Good
A type of good for which demand decreases as the income of consumers increase, unlike normal goods for which demand increases with an increase in income.
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