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With self-induction,the secondary current:
LRAC Curves
Long-Run Average Cost curves, which show the average cost per unit of output when all inputs, including capital, are variable, illustrating economies or diseconomies of scale.
Long-Run Adjustment
The process by which firms adjust their production capacity and input usage to new market conditions over time, beyond short-term fluctuations.
Returns To Scale
Rate at which output increases as inputs are increased proportionately.
Increasing Marginal Product
A situation where each additional unit of input results in an increased amount of output.
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