Examlex
A definition is an explanation of the meaning of a word or words.
Diseconomies of Scale
The phenomenon where production costs per unit increase as a firm operates on a larger scale due to inefficiencies that arise.
Long-Run Average Cost
The per-unit cost of production in the long run, where all inputs are variable and economies of scale have been reached.
Marginal Cost
The cost incurred in producing one additional unit of a product or service.
Average Total Cost
The sum of all production costs divided by the quantity of output produced, representing the per-unit cost of production.
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