"Biased Judgments Based on Stereotypes and Prejudices Are Not Only

question 25

Essay

"Biased judgments based on stereotypes and prejudices are not only unfair and immoral; in some cases, they can have lethal consequences." Explain with an example.

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Definitions:

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, leading to a reduction in average costs per unit as output increases.

Diseconomies of Scale

The situation in which a business grows so large that the costs per unit increase, as opposed to economies of scale where costs per unit decrease with the increase in output.

Long-Run Average Cost Curve

A graphical representation that shows the minimum average cost at which any output level can be produced after all inputs are adjustable. It reflects economies and diseconomies of scale.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, leading to a reduced cost per unit of output.