Examlex
Explain what productive efficiency means.Describe how productive efficiency is represented by a PPF.
Increasing Returns To Scale
See Economies of scale.
Economies Of Scale
Exist when average costs fall as output increases.
Diseconomies Of Scale
Exist when average costs rise with output.
Marginal Costs
The cost associated with producing one additional unit of a product, useful for decision-making on production levels and pricing.
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