Examlex
Louis XIV described himself as the _____ King.
Increasing Returns
A situation in which an increase in the scale of production results in a disproportionate increase in output, usually leading to lower average costs.
Suffer Losses
occurs when a business or individual incurs expenses that exceed their revenues.
Long-run
A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment.
Long-run Equilibrium
A state in which all aspects of a market, including supply and demand, production costs, and economic resources, are balanced, allowing for consistent economic conditions over time.
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