Examlex
The development of large-scale factory production that promoted a more efficient division of labor, allowed for the direct supervision of production, reduced transportation costs, and facilitated the use of big machinery is known as _____
Marginal Cost
The additional cost incurred from producing one more unit of a good or service.
Average Total Cost
A firm’s total cost divided by output (the quantity of product produced); equal to average fixed cost plus average variable cost.
Economies of Scale
Cost advantages that a business obtains due to expansion, leading to a reduction in the average cost per unit through increased production.
Diseconomies of Scale
The situation in which a business grows to a point where the costs per unit increase, opposed to saving costs, often due to managerial inefficiencies or complexity.
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