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Firms (Reduce Costs (economies of scale (indivisibilities (minimum amount…
Firms
Reduce Costs
economies of scale
Bigger Ships
Specialization
indivisibilities
minimum amount of input to operate
technological change
learning by doing
minimum efficient scale (MES)
Costs
long run average cost curves
diseconomies of scale
marginal costs
avergae minimum cost
average costs
long run
can change all variables
short run
at least one variable is fixed