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10 cards from this deck
Period when at least one factor of production is fixed
Period when all factors of production can be varied
Extra output from variable factor eventually falls (fixed factor)
Costs that don't change with output level
TC = TFC + TVC
Cost of producing one additional unit of output
At their minimum points
Increase in scale leads to lower long-run average costs
Output level where LAC stops falling
Cost benefits from expansion of entire industry
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