Examlex
Evidence suggests that the human brain stopped evolving approximately 200,000 years ago when the first homo sapiens appeared.
Economies Of Scale
Situation in which output can be doubled for less than a doubling of cost.
Increasing Returns
A situation where the addition of more units of input results in a more-than-proportional increase in output.
Competitive Market
A market structure characterized by many buyers and sellers, such that no single party can dictate the market price.
Long-Run Cost
The total cost of production when all inputs, including both fixed and variable costs, are considered fully adjustable.
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