Examlex
The first humans to speak language as we know it lived in East Africa about 1 million years ago, even though human ancestors lived about 5 million years ago in what is now Ethiopia.
Long-Run Average Cost Curve
A curve that shows the lowest average cost at which a firm can produce any given level of output in the long run, when all inputs are variable.
Short-Run
A period during which at least one input (for example, plant size, machinery) in the production process is fixed and cannot be changed.
Tangent
A straight line that touches a curve at a single point without crossing it, often used in geometry and calculus to represent the slope of the curve at that point.
Diseconomies of Scale
An economic concept referring to a situation where, as a firm expands, the costs per unit increase.
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