Examlex
Which specific Earth sphere would glaciers be included?
Average Total Cost
The total cost divided by the quantity of output produced; it includes all variable and fixed costs.
Minimum Efficient Scale
The smallest scale of production at which long-run average total costs are minimized.
Long Run Average Cost Curve
A graphical representation that shows the lowest average cost at which any given level of output can be produced in the long run.
Decreasing-cost Industry
An industry where the costs of production decrease as the industry grows due to economies of scale.
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