Examlex
Explain what an unsafe condition is,and provide two examples.
Monopoly Power
The ability of a company or entity to control the price and supply of a product or service, due to the lack of competition in the market.
Long-run Equilibrium
A state in which all factors of production and costs are variable, and economic agents have fully adjusted to any economic changes, leaving no incentives for further adjustments.
Minimum Average Cost
The lowest point on the average cost curve, signifying the most efficient scale of operation for a firm.
Decreasing Cost
Decreasing cost refers to a situation where costs fall as the scale of production increases, often due to efficiencies or benefits gained from economies of scale.
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