Examlex
Three species of snails that are toxic to their bird predators have evolved similar patterns of coloration that help notify the birds of their poisonous nature.This phenomenon is known as
Constant Returns to Scale
A situation in which increasing the amount of inputs in production results in a proportional increase in output.
Long-run Total Costs
The total costs incurred by a firm when all factors of production are variable, emphasizing the period where no costs are fixed.
Average-fixed-cost Curve
A curve that shows the relationship between the average fixed cost of producing a good and the quantity of the good produced, typically declining as production increases.
Marginal Product
The increase in output that results from employing one more unit of a particular input, holding all other inputs constant.
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