Examlex
Which of the following best defines animated GIFs?
Natural Monopoly
A situation in which a single firm can supply a product or service to an entire market more efficiently than multiple companies, often due to high fixed costs.
Economies of Scale
The cost advantage that arises with increased output of a product, leading to a fall in the per-unit production cost.
Average Total Cost
The total cost of production divided by the number of units produced, essentially representing the per-unit production cost.
Marginal Cost
The financial outlay involved in the manufacture of one more unit of a product or service.
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