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Briefly discuss the determinants of supply other than price.
Economies of Scale
A proportionate saving in costs gained by an increased level of production, leading to lower costs per unit as volume increases.
Unit Cost
The expense a company experiences in manufacturing, warehousing, and distributing a single unit of a specific product or service.
Economic Profits
The difference between total revenue and total costs, including both explicit and implicit costs, reflecting surplus value created in productive activities.
Mutual Interdependence
A situation in oligopoly markets where the actions of one firm significantly affect the outcomes and decisions of other competing firms.
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