Examlex
A ganglion is a _________.
Increasing Returns
A situation where the addition of more units of input results in a more-than-proportional increase in output.
Competitive Market
A market structure characterized by many buyers and sellers, such that no single party can dictate the market price.
Long-Run Cost
The total cost of production when all inputs, including both fixed and variable costs, are considered fully adjustable.
Economies Of Scale
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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