Change: There were only format changes (bold, italics, etc.) in this version. See this version for details. (Word count: 908)

Change:  Thus, with an extended range of constant returns to scale, relatively large and relatively small firms can coexist in an industry and be equally successful. Examples: apparel, food processing, furniture, wood products, snowboard, and small-appliance industries LATC2: Where economies of scale exist over a wide range and MES   View changes from previous version. (Word count: 949)

Change: In the long run, there is no distinction between FC and VC because all resources (therefore costs) are variable in the long run In the long run, an industry and the individual firms it comprises can undertake   View changes from previous version. (Word count: 954)

Change: workersWorkers buildassemble specific parts of cars in an assembly line. comparedCompared to many workers working on one car at a time.time, Thethe assembly line is much more efficient. Workers become more proficient in their specialized area, making him highly efficient in that one area. Greater   View changes from previous version. (Word count: 840)

Change: compare.compete. This can, in extreme cases, lead to a natural monopoly. Examples: the aircraft, information technology and internet service provider industries. A natural monopoly is a relatively rare market situation in which average total cost is minimized when only one firm produces the particular good or service. LATC3:   View changes from previous version. (Word count: 772)

Change: There were only format changes (bold, italics, etc.) in this version. See this version for details. (Word count: 772)

Change:  Thus, with an extended range of constant returns to scale, relatively large and relatively small firms can coexist in an industry and be equally successful. Examples: farmingapparel, food industryprocessing, furniture, wood products, snowboard, and small-appliance industries LATC2: Where economies of scale exist over a wide range and   View changes from previous version. (Word count: 736)

Change:  The ability to get loans from banks or use assets in order to purchase more technology5. Risk Bearing: The ability of a company to diversifyMinimum efficient scale and industry structure Minimum efficient scale: lowest level of output at which a firm can   View changes from previous version. (Word count: 693)

Change: larger plant sites with larger outputlarge capacities,scale, ATC will first decrease forat afirst, time,but it thenincrease increase.after. All resources and costs are variableThe long-run cost curve The green, orange, yellow, pink, blue curves are   View changes from previous version. (Word count: 643)

Change: If the number of possible plant sizes is very large, the long-run average-total-cost curve approximates a smooth curve. Economies of scale, folowed by diseconomies of scale, cause the curve to be U-shaped. Economies and Diseconomies of ScaleEconomies of Scale: The period of time where there is a decrease   View changes from previous version. (Word count: 625)