Examlex
If your mouth waters each time you eat a cookie, you may learn to salivate when you merely see a cookie or a picture of cookie. Your mouth watering to the sight of a cookie illustrates
Range of Output
The difference between the maximum and minimum quantities of a product that a company can produce or sell over a certain period.
Diseconomies of Scale
The scenario where a company or firm experiences an increase in marginal costs when output is increased.
Long-Run Average Cost
The average cost per unit of output when all inputs, including physical capital, are variable in the long term.
Upward-Sloping
A graph line that increases in height as it moves from left to right, characteristic of certain supply curves.
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