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Explain what is meant by positioning and describe the bases marketers use to position products and services.
Long-Run Average Cost Curves
A graphical representation showing the average cost per unit of output over a long period, where all inputs, including capital, are variable.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, leading to a reduction in average costs per unit as output increases.
Diseconomies of Scale
The situation in which a business grows so large that the costs per unit increase, as opposed to economies of scale where costs per unit decrease with the increase in output.
Long-Run Average Cost Curve
A graphical representation that shows the minimum average cost at which any output level can be produced after all inputs are adjustable. It reflects economies and diseconomies of scale.
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