The Following Questions Refer to the graph below. 
-It is cheaper per unit to produce higher quantities when output is
Definitions:
NAV
Net asset value, calculated as the total value of a fund's assets minus its liabilities, usually applied to mutual funds.
Offering Prices
The price at which new issues of stock, bonds, or other securities are made available for sale to the public for the first time.
Diversification
An investment strategy aimed at reducing risk by allocating investments across various financial instruments, industries, or other categories.
Professional Management
The process of overseeing and handling investment portfolios by experts or specialized firms to achieve specified investment objectives.
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Q132: What was the first theory put forth