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Returns to Scale
The rate at which production output increases in response to a proportional increase in all inputs (factors of production).
Long-run Average Costs
The average cost per unit of output when all factors of production and costs are variable in the long run.
Production Process
Refers to the sequence of steps or activities involved in converting raw materials into finished goods or services.
Nondegradable Waste
Waste materials that cannot be broken down or decomposed by natural processes, leading to long-term environmental pollution.
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