Examlex
How does the behaviour of wild wolf packs differ from observations made in experimental studies?
Scale of Operation
The size at which a company or factory operates, often impacting its production efficiency and costs.
Long Run
pertains to a time period in economics during which all factors of production and costs are variable, allowing for full adjustment to any change.
Diminishing Returns
A principle stating that as one input variable is increased, there will be a point at which the additions of output will begin to decrease, holding all other inputs constant.
Diseconomies of Scale
The phenomenon where production costs per unit increase as a firm operates at higher levels of output.
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