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The spreading of fixed costs over more output explains why the long-run average cost falls as output rises.
Patent Laws
Legal statutes that protect inventors by giving them exclusive rights to produce, use, and sell their inventions for a certain period of time.
Monopoly Rights
Exclusive rights granted to a single entity, allowing it to be the sole provider of a good or service without competition.
Technological Developments
Advancements and innovations in technology that affect productivity, efficiency, and economic growth.
Inventive Activities
The acts of creating or designing new products or processes, especially those that lead to technological advancement.
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