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What type of rock is formed during a volcanic eruption?
Economies of Scale
The cost advantage that arises with increased output of a product, resulting in a decrease in the per-unit cost as the scale of production is enlarged.
Long-run Total Costs
The aggregate sum of all production costs for a company when all input factors are variable, analyzed over a prolonged period.
Economies of Scale
The cost advantages that enterprises obtain due to size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale.
Average-total-cost Curve
A graphical representation that shows the average total cost of producing each quantity of output.
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