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Economies of Scale
The cost advantage achieved by an increase in production, leading to a reduction in expenses per unit due to more efficient use of resources.
Long-Run Average Cost
The per-unit cost of production in the long term, where all inputs are variable.
Total Output
The total value of goods and services produced by an economy over a specific period of time.
Total-Cost Curve
A graphical representation showing the total cost of producing varying quantities of output.
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