Examlex
After dinosaurs became extinct, the number of mammal species increased greatly. What process applies to this example?
Decreasing-Cost Industry
An industry in which production costs decrease as the industry grows and output increases, often due to economies of scale.
LRAC Curve
The Long-Run Average Cost curve, showing the lowest possible cost of producing different levels of output when all inputs are variable.
Increasing-Cost Industry
An industry where production costs increase as output grows, often due to resource limitations or regulatory constraints.
Decreasing-Cost Industry
An industry in which average costs of production decrease as the industry grows larger, often due to economies of scale.
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