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You are working on your first research project at a new job and discuss your work to date with a colleague who has been at the company for five years.
-Your colleague tells you that one of your sources will not be highly regarded by the professional audience to whom you will present, and advises you to omit it. To which source is she most likely referring?
Cost Curve
A graphical representation showing the cost of producing different levels of output.
Economies of Scale
The reduction in the cost per unit that companies experience as a result of their large scale of operations, usually seeing these expenses decrease as the scale grows.
Diseconomies of Scale
An economic concept where, beyond a certain point, an increase in the scale of production leads to a rise in average costs per unit due to inefficiencies.
Long Run
A term in economics referring to a period wherein all inputs can be adjusted, including those that are typically fixed in the short run.
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