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10 cards from this deck
All inputs variable; complete flexibility for businesses
Ability to change all factors, not time duration
Long run average cost when all inputs can be varied
LRAC curve enveloping all SRAC curves
Input-output relationship when business expands long run
% increase in inputs = % increase in outputs
Input increase → larger % output increase
Input increase → smaller % output increase
Cost advantages from increasing production scale
Modern tech, better methods, organisation, bulk buying
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