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Long-run Average Costs
The average cost per unit of output when all factors of production - including capital - can be varied, typically showing economies of scale.
Economies of Scale
The economic gains experienced by companies due to their operational scope, with per-unit production costs usually falling as the operational size expands.
Imperfectly Competitive
A market structure where individual sellers have some control over the price due to lack of perfect competition, leading to a variety of prices for similar products.
Marginal Revenue Curve
A graphical representation showing how marginal revenue varies as the quantity of goods sold changes.
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