Examlex
Which change factor could dictate modifications in how a hotel deals with terrorism threats?
Natural Monopoly
A market structure where a single supplier efficiently provides all the goods or services due to high fixed or start-up costs, making it impractical for multiple firms to operate.
Long-run Average Costs
The average cost per unit of output when all factors of production - including capital - can be varied, typically showing economies of scale.
Economies of Scale
The economic gains experienced by companies due to their operational scope, with per-unit production costs usually falling as the operational size expands.
Imperfectly Competitive
A market structure where individual sellers have some control over the price due to lack of perfect competition, leading to a variety of prices for similar products.
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