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Technician A siphons out about two-thirds of the brake fluid from the master cylinder reservoir before beginning work on the pads or calipers. Technician B opens the caliper bleeder screws and runs a hose to a container to catch the fluid that is expelled,.while pushing the pistons back. Who is correct?
Economies Of Scale
Cost advantages that a business achieves due to expansion in the scale of production, leading to a reduction in the cost per unit.
Natural Monopolies
Market conditions where a single supplier is the most efficient (due to high infrastructure costs or other barriers) in providing a particular good or service.
Public Utilities
Companies that provide essential services to the public such as water, electricity, and telecommunications, often subject to government regulation due to their nature of operation.
LRAC Curve
Long-Run Average Cost curve, showing the minimum average cost of production at different levels of output when all inputs are variable.
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