Examlex
A company can expand its product line in two ways: by line ________ or by line ________.
Returns to Scale
The change in output resulting from a proportional change in all inputs used in the production process.
Long-Run Average Cost
is the average cost per unit of output achieved when all factors of production, including capital, are variable, often represented by a curve showing economies of scale.
Production Costs
The expenses incurred in the process of creating a product or service, including materials, labor, and overhead.
Fixed Cost
Expenses that do not change with the level of production or sales.
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