Examlex
Which of the following is characteristic of type 1 diabetes?
Returns to Scale
The change in output resulting from a proportionate increase in all inputs; the concept explains how output changes with varying levels of input.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, typically resulting in lower per-unit costs with increased production.
Average Cost Curve
The average cost curve is a graphical representation showing how the average cost per unit of output varies with the level of output, typically U-shaped due to economies and diseconomies of scale.
Economies of Scale
Cost benefits that companies achieve because of their large scale of operations, generally resulting in a lower cost per output unit as the scale increases.
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