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Explain how a firm can have constant returns to scale in production and economies of scale in cost.
Government Regulation
The act of controlling, directing, or managing activities, industries, or market practices through laws and rules set forth by government agencies.
Procedural Due Process
The legal requirement that state must respect all legal rights that are owed to a person, involving a fair and public hearing.
Untenured Assistant Professor
An academic faculty member at the beginning of their career path who has not yet achieved tenure, implying a lack of permanent job security.
Public University
An educational institution of higher learning that is primarily funded by the government and accessible to the public.
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