Examlex
Which principal energy level will contain electrons with the lowest energy?
Long-run Average Cost
The per-unit production cost when all factors of production, including capital, are variable, and the scale of production can be changed.
Output Units
Quantitative measures representing the amount of goods or services produced by a company or an economic system.
Constant Returns to Scale
A situation where increasing all inputs by the same proportion results in output increasing by that same proportion, indicating linear scalability of production processes.
Economies of Scale
Refers to the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
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