Examlex
Is accounting important to small businesses? Explain.
Constant Returns To Scale
A condition where increasing all inputs by any proportion results in output increasing by that same proportion, indicating that size does not affect productivity.
Long-Run Average Total Cost
The cost per unit of output incurred when all factors of production are variable, and scale of production can be changed.
Output
The amount of products or services produced by a company, industry, or economic system.
Total Fixed Cost
The sum of all costs that do not change with output level, including rent, salaries, and insurance.
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