Examlex
Which of the following statements is true concerning sunlight radiation used for photosynthesis?
Economies of Scale
Reduction in per unit cost as the volume of production increases, due to factors like bulk purchasing and efficient use of resources.
Technological Change
The overall process of invention, innovation, and diffusion of technology or processes.
Returns to Scale
The rate at which output increases in response to proportional increases in all inputs or resources, reflecting the production efficiency of a firm.
Long-Run Average Total Cost
The per unit cost of production in the long run, where all inputs, including capital, are variable.
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