Examlex
Cl2 (g) + H2O (l) → ________
Returns to Scale
The rate at which production output increases in response to proportional increases in all inputs.
Average Cost
The average cost is the total cost of production divided by the number of units produced, reflecting the cost per unit of output.
Marginal Cost
The supplementary expenditure required to produce an extra unit of a product or service.
Diminishing Returns
An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain constant.
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