Examlex
Excel is case sensitive with respect to names of cells.
Long Run
A period in economic theory during which all factors of production and costs are variable.
Average Costs
Average costs are calculated by dividing the total costs of production by the quantity of output produced, often used to assess cost efficiency.
Output Increases
A rise in the amount of goods or services produced by an entity.
Average Costs
The total cost of production divided by the number of goods produced; it decreases as production increases.
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