A firm's short-run average cost curve is U-shaped. Which of these conclusions can be reached regarding the firm's returns to scale? [1] The firm experiences increasing returns to scale. [2] The firm experiences increasing, constant, and decreasing returns in that order. The firm experiences first decreasing, then increasing returns to scale. [3] [4] The short-run average cost curve reveals nothing regarding returns to scale. [5] None of the options [1], [2], [3] and [4] provides a correct answer.

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