Examlex
Why is setting the right price a challenge to marketers?
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, as the cost per unit of output decreases with increasing scale.
Diseconomies of Scale
A condition where a firm experiences increasing production costs and decreasing returns as it becomes too large.
Production Function
An economic model that describes the relationship between inputs used in production and the output of goods or services.
Marginal Cost
The extra expense associated with manufacturing an additional unit of a product or service.
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