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Critical thinking concerns…
Decreasing Returns to Scale
A situation in which increasing the scale of production leads to a proportionally smaller increase in output, often due to inefficiencies.
Long Run Average Cost Curve
A graphical representation showing the lowest cost at which a firm can produce any given level of output in the long run, where all inputs are variable.
Decreasing Returns to Scale
A situation in which, as the scale of production increases, the output increases at a proportionally smaller rate, leading to increased average costs.
Long Run Average Cost Curve
A graphical representation showing the minimum average cost at which any output level can be produced in the long term when all inputs, including capital, are variable.
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