Examlex
One function of an administrative agency is investigating activities regulated by the agency.
Fixed Costs
Costs that do not change with the level of production or output in the short term, such as rent or salaries.
Minimum Efficient Scale
Minimum efficient scale represents the smallest amount of production a company can achieve while still taking full advantage of economies of scale in terms of costs per unit.
Industry
A group of companies that produce similar products or services and compete in the same market.
Diseconomies of Scale
Increases in cost per unit when output increases, resulting from factors such as management challenges, inefficiencies, and communication problems as firms grow larger.
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