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Eric has several exams, but he does not study. He ends up getting an A on each of them. He feels that he did well because he thought the exams were easy and that he has good luck. Eric's explanation shows his _____ locus of control.
Diseconomies of Scope
The phenomenon where a company’s costs increase as it produces more varied types of products or services, due to inefficiencies.
Returns to Scale
The rate at which output increases as inputs are increased proportionately.
Economies of Scope
Cost advantages companies experience when they increase the variety of products produced, as opposed to increasing the volume of a single product (economies of scale).
Joint Cost Curve
Refers to a graph showing the costs shared by products in the process of being produced together up to a split-off point.
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