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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is a long-run average cost curve?

To determine

What is a long run average cost curve?

Explanation

Long run is defined as a time period where all the factors of production regarded as inputs are variable and the firms have a leverage that they can enter and exit any market or industry.

When all the inputs are variable the long run average cost curve of a firm shows the minimum average total cost at which a firm can produce the given level of output in the long run...

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