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What is the average mass, in grams, of one atom of iron? (NA = 6.022 × 1023 mol-1)
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, leading to a decrease in per unit cost with an increase in production.
Least Cost
The process of minimizing expenses involved in producing a good or service while maintaining its quality and efficiency.
Minimum Efficient Scale
The smallest amount of production a company can achieve while still taking full advantage of economies of scale with regards to minimizing its costs.
Long-Run ATC
The average total cost of production when all inputs, including capital, are variable and the scale of production can change.
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