Examlex
____________ are the generation of Americans born between 1946 and 1964.
Constant Returns to Scale
A situation in production where increasing the input of all resources by any proportion yields an increase in output by the same proportion.
Long-run Average Total Cost
The per unit cost of production when all inputs, including capital, are variable, assuming optimal efficiency.
Economies of Scale
Describe the cost advantages that enterprises obtain due to the scale of their operations, typically resulting in reduced costs per unit with increased output.
Long-run Average Total Cost
The average cost per unit of output when all inputs, even physical capital, are adjustable, over a sufficient time period.
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