Examlex
How did Edwin Hubble measure the distance to the Andromeda Galaxy?
Economies of Scale
The savings businesses gain from operating at a larger scale, where the expense for each unit produced diminishes as the scale enlarges.
Short Run
A period in which at least one input in the production process is fixed, limiting the ability of a firm to adjust to changes in market demand.
Long Run
An economic term referring to a period during which all factors of production and costs are variable, allowing for full adjustment to changes.
Fixed Cost
Costs that do not change with the level of output or sales, such as rent or salaries.
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