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What is a defined contribution plan?
Economies of Scale
The cost advantage companies achieve due to an increase in production, leading to a reduction in the per-unit cost.
Diseconomies of Scale
A condition in which an increase in production leads to higher long-term average costs, contrary to economies of scale.
Licensing
The process through which a company grants permission to another entity to use its intellectual property, technology, or product specifications under agreed terms.
Government Permission
The requirement of obtaining approval or authorization from governmental bodies before engaging in certain activities, businesses, or projects.
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