Examlex
Accessing data from the hard drive to send to the CPU is faster than accessing data from RAM.
Average Total Cost
The total cost divided by the quantity of output produced; it includes all variable and fixed costs.
Minimum Efficient Scale
The smallest scale of production at which long-run average total costs are minimized.
Long Run Average Cost Curve
A graphical representation that shows the lowest average cost at which any given level of output can be produced in the long run.
Decreasing-cost Industry
An industry where the costs of production decrease as the industry grows due to economies of scale.
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