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Signs of strong physical addiction to nicotine include
1) inhaling smoke frequently and deeply.
2) smokes even when ill enough to be bed-ridden.
3) can smoke less than 10 cigarettes a day if in a smoke-free environment.
4) smokes within 30 minutes of waking up.
Long-run Average Cost
The per-unit cost of production in the long term, where all inputs can be varied and economies of scale can be achieved.
Substitution
Substitution refers to the economic principle where users replace one good or service with another in response to changes in price, technology, or consumer preferences.
Product Transformation Curve
Curve showing the various combinations of two different outputs (products) that can be produced with a given set of inputs.
Diseconomies of Scope
A situation where the cost per unit increases as a company produces more types of products or services.
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