Examlex
The long-run average cost curve for the XYZ Co.is U-shaped.What does this imply about the firm's returns to scale?
Output
The total amount of goods or services produced by a company, sector, or economy over a specific period.
Price
The amount of money expected, required, or given in payment for something.
Marginal Revenue
The additional income that a firm receives from selling one more unit of a good or service.
Total Revenue
The total amount of money received by a company from its sales of goods or services, before any expenses are subtracted.
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