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Explain equity theory and discuss the various types of inequity.
Diseconomies Of Scale
Occur when a company grows so large that the costs per unit increase. It is the opposite of economies of scale.
Long-Run Average Total Cost Curve
A graphical representation showing the lowest possible cost at which any given level of output can be produced in the long run.
Total Cost Curve
A graphical representation showing the total cost incurred by a firm in the production of goods or services at different levels of output.
Quantity
The volume of a physical or non-physical item or service.
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