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What are the UN Millennium Development Goals? Have these goals been achieved? If not, why not and do you think they can be?
Decreasing-Cost Industry
An industry in which the average cost of production decreases as the industry grows and output increases.
Decreasing Returns to Scale
A situation in which a proportional increase in all inputs leads to a less than proportional increase in output, indicating reduced efficiency as scale of production expands.
Long-Run Equilibrium
A state in which all factors of production and inputs can be adjusted by firms, leading to a situation where no firm has an incentive to change its output or production method.
LRAC Curve
Long-Run Average Cost Curve, a graphical representation showing the minimum cost at which any output level can be produced in the long run.
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