Examlex
Which of the following would NOT be a good last-minute tip to give John?
Average Costs
The total cost of production divided by the number of units produced, representing the cost per unit of output.
Returns to Scale
The variation in production output resulting from a proportional alteration of all input factors in the manufacturing process.
Constant-Cost Industry
An industry in which the input prices and production costs remain constant as the industry output changes.
Long-Run Equilibrium
A state in which all firms in an industry are producing at their minimum long-run average cost and are earning normal profits.
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