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Long-run Average Total Cost
Represents the average cost per unit of output in the long-term, where all inputs are variable, allowing for the adjustment of all factors of production.
Minimum Efficient Scale
The smallest amount of production a company can achieve while still taking full advantage of economies of scale in terms of lowering the average cost per unit.
Long-run Average Total Cost
The average cost per unit of output over the long term, where all inputs are considered variable.
Output Q₀
The quantity of goods or services produced in a given period of time, denoted as Q₀ to specify a particular amount.
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