Constant returns - When an increase in inputs results in a proportional increase in outputs, Marginal returns - The amount that output increases by when more more unit of input is employed, Short run - A time frame where at least one factor of production is fixed, Variable costs - Costs that vary directly with output, Capacity - The amount that can be produced by a firm or an economy over a given period of time, Increasing returns - When an increase in inputs leads to a proportionately larger increase in output, Sunk costs - Costs that cannot be recovered if a business decides to leave an industry,

Costs etc

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