Examlex
Unsafe products do not further the utilitarian goal of maximizing overall happiness.
Economies Of Scale
Situation in which output can be doubled for less than a doubling of cost.
Increasing Returns
A situation where the addition of more units of input results in a more-than-proportional increase in output.
Competitive Market
A market structure characterized by many buyers and sellers, such that no single party can dictate the market price.
Long-Run Cost
The total cost of production when all inputs, including both fixed and variable costs, are considered fully adjustable.
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