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What is a gene?
Economies of Scope
Cost advantages that arise from a firm or company expanding its product line or markets, exploiting shared resources or technologies.
Economies of Scale
Cost advantages reaped by companies when production becomes efficient, leading to a decrease in the cost per unit as output increases.
Outputs
The goods or services produced by a business or an economy.
Long-run Average Cost
The per unit cost of production when all inputs, including those typically fixed, can be adjusted.
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