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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

What would the LRATC curve look like if there were always constant returns to scale? Explain your answer.

To determine

Explain the constant returns to scale and long-run aggregate total cost (LRATV) curve.

Explanation

In a market, constant returns to scale is the situation where a firm’s long-run average costs remain unchanged, as it increases the quantity of output it produces...

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