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1.1 What is economics, and why is it important?  (Page 15/17)

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  • Card 15 / 17:
    economies of scale

    when the average cost of producing each individual unit declines as total output increases

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Practice FlashCards 9 Key Terms 5

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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