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What is the difference between race and ethnicity? How are each of these classifications related to social inequality?
Decreasing Returns to Scale
A situation in which a firm experiences a less than proportional increase in output despite a proportional increase in all inputs, typically due to inefficiencies.
Increasing Opportunity Costs
The concept that as you produce more of one good, the opportunity cost of producing that next unit increases.
Scale Reduction
The process of downsizing the scope or size of operations, often in response to operational inefficiencies or declining profits.
Long-Run Average Total Cost
The average cost per unit of output incurred when all factors of production, including capital, are variable, considered over a sufficient period for all adjustments to be made.
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