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Why is the work of Alfred Russell Wallace considered when discussing the theory of evolution?
Constant Returns to Scale
A situation in which output increases by the same proportion as inputs when the scale of production is changed.
Long-run Average Total Cost
The average total cost when all factors of production are variable and economies of scale are fully exploited, indicating the lowest possible cost per unit.
Economies of Scale
Economies of scale refer to the cost advantage that arises with an increased output of a product, as fixed costs are spread out over more units of production, leading to a decrease in the per-unit cost.
Diseconomies of Scale
The phenomenon where production costs increase as a firm's production scale becomes too large, leading to inefficiencies.
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