Examlex
On average, people who regularly engage in physical activity live longer than those who are physically inactive.
Committed Cost
Expenses that a company has already made or obliged itself to make in the future, often fixed and not easily changed.
Minimizing Loss
The strategy or process of taking actions to reduce the amount of money or resources being wasted or lost, especially in business or economic activities.
Efficient Scale
The level of production that minimizes the average total cost of producing a product or service.
Long-Run Equilibrium
A state in which all firms in a market are making zero economic profit, leading to a situation where no firms enter or exit the industry.
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