Examlex
Discuss what factors influence financial system liquidity in Australia.
Cost Curve
A graphical representation showing the cost of producing different levels of output.
Economies of Scale
The reduction in the cost per unit that companies experience as a result of their large scale of operations, usually seeing these expenses decrease as the scale grows.
Diseconomies of Scale
An economic concept where, beyond a certain point, an increase in the scale of production leads to a rise in average costs per unit due to inefficiencies.
Long Run
A term in economics referring to a period wherein all inputs can be adjusted, including those that are typically fixed in the short run.
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