Kemer for economies of scale: when long-run increases in a firm’s output (or scale of operation) leads to decreases in longrun average cost. elasticity: a measure of how changes in one variable respond to changes in another (related) variable, where those changes are calculated in terms of percentage change. When the response is small (i.e., less than one), the relationship is said to be inelastic, whereas when the response is larger. entrepreneur: the individuals who bear the risk and expend the effort associated with creating profit-making (business) opportunities. equilibrium: a state of rest or balance that exists when individuals or firms have no incentive to change their current behavior or actions. Kemer 2016.

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