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Smaller Percentage Increase
Refers to a rate of increase that is less significant or lower in proportion compared to another.
Average Costs
The cost per unit of output, calculated by dividing the total cost of production by the number of units produced.
Constant-Cost Industry
An industry in which the cost per unit does not change as the industry's overall output changes.
Diseconomies of Scale
The condition in which a company or production process becomes less efficient as it grows larger, leading to increased costs per unit.
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