Examlex
Emily has the ability to think about things in novel and unusual ways; this allows her to come up with unique solutions to problems. This ability is called ________ thinking.
Plant Size
The capacity or physical dimensions of a manufacturing or production facility, influencing its output and scale of operations.
Economies of Scale
Savings achieved by companies because of larger operational volumes, where the cost for each unit produced tends to drop as the scale of production grows.
Long-run Average Cost
The total cost per unit of output produced, when all input factors are variable, considered over a sufficient period.
Long-run Average Cost
The average cost per unit of output over a long period, where all inputs can be adjusted by firms. This includes the cost of changing production levels and entering or exiting an industry.
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