Examlex
What metal is isolated from the ore sphalerite?
Technology
Refers to the application of scientific knowledge for practical purposes, especially in industry.
Short-run Average Cost
The total cost divided by the quantity of output produced, in the short term when at least one input is fixed.
Long-run Average Cost
The per-unit cost of production in the long term, where all inputs can be varied and economies of scale can be achieved.
Substitution
Substitution refers to the economic principle where users replace one good or service with another in response to changes in price, technology, or consumer preferences.
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