Examlex
The following are all determinants of income differences examined in the text EXCEPT
Creative Destruction
A concept in economics which suggests that new innovations destroy old industries and create new economic structures.
Decreasing-Cost Industry
An industry where the unit cost of production decreases as the industry's output increases, often due to economies of scale.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the number of units produced.
Long-Run Adjustments
Refers to changes that firms in an industry make in response to economic opportunities or constraints, involving adjustments in production capacity or resource utilization over time.
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