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The leading international organization in the field of travel and tourism is:
Long-run Cost Curve
A graphical representation showing the minimum cost at which a firm can produce any given level of output in the long run, when all inputs are variable.
Hair Dryers
Electrical devices used to blow dry hair by emitting warm air.
Economies of Scope
Cost advantages that arise from a firm or company expanding its product line or markets, exploiting shared resources or technologies.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, leading to a decrease in the cost per unit as output increases.
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