Examlex
Which feature separates an overlayer of volcanic rock from underlying metamorphic rocks?
Economies of Scale
Reductions in per-unit cost that organizations achieve through expanded production scales, where larger output volumes usually mean decreased costs per unit.
Long-run Average Total Cost
The average cost per unit of output when all inputs, including capital, can be varied, and economies of scale are accounted for.
Long-run Total Cost
The overall expenses incurred by a firm when all inputs are variable, reflecting costs over a time when firms can adjust all factors of production.
Long-run Average Total Cost
The per unit cost of production when all inputs, including both fixed and variable costs, are adjusted to their optimal levels over time.
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