Instructions: Explain/Define the Following Terms

question 52

Essay

Instructions: Explain/Define the following terms.
Quran

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Definitions:

Decreasing Average Cost

A situation where the average cost of production decreases as the quantity of output increases, often due to economies of scale.

Market Structures

The organization and characteristics of a market, including the number and size of producers, product differentiation, and the ease of entry and exit, which affect competition and pricing strategies.

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, due to their similar features and functionalities.

Diamond Mines

Sites or locations where diamonds are extracted from the earth.