Examlex
__________ introduced steam sterilization in 1886, which was of great importance for infection control in hospitals.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, as the cost per unit of output decreases with increasing scale.
Long-Run Average Cost Curve
A graphical representation that shows the lowest average cost at which a firm can produce any given level of output in the long run, when all inputs are variable.
Small Firms
Businesses that operate on a smaller scale than larger enterprises, often characterized by fewer employees and lower income or revenue.
Large Firms
Enterprises or corporations that operate on a large scale, typically having significant market power, resources, and complex organizational structures.
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