Examlex
What is money, and what are its functions? Support your response with examples.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, leading to a decrease in the cost per unit as output increases.
Outputs
The goods or services produced by a business or an economy.
Long-run Average Cost
The per unit cost of production when all inputs, including those typically fixed, can be adjusted.
Short-run Marginal Cost
The cost incurred by producing one additional unit of a product or service in the short term, where some factors of production are fixed.
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