Examlex
A company that tracks inventory and places an order for a lot size Q when the inventory declines to the reorder point (ROP) is using
Economies Of Scale
Cost advantages reaped by companies when production becomes efficient, leading to a decrease in the per-unit cost as output increases.
Diseconomies Of Scale
The situation when a firm's costs per unit increase as it produces more output, opposite of economies of scale.
ATC Curve
A graphical representation of the average total costs of production at different levels of output in economics.
AVC Curve
The average variable cost curve, which shows a firm's average variable costs of production at different levels of output.
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