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Economics
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29 Oct 2020

At what point on the long run average cost curve (LRAC) will the firm produce?

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Microeconomics
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Analyze Costs in the Long run
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Paramjeet Chawla
Paramjeet ChawlaLv8
29 Oct 2020

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Related questions

39. Which of the following statements about the long run average cost curve (LRAC) would generally be true? 1) When the LRAC is falling, the production firm is experiencing economies of scale. II) The LRAC forms an envelope underneath all the possible short run average cost curves III) The LRAC shifts upwards as industry output increases if the industry is an increasing cost industry. (A) none (B) I only (C) II only (D) III only (E) I and II (F) I and III (G) II and III (H) I, II and III

14. Which of the following statements about the long run average cost curve (LRAC) would generally be true? 1) When the LRAC is falling, the production firm is experiencing economies of scale. II) The LRAC forms an envelope underneath all the possible short run average cost curves III) The LRAC shifts upwards as industry output increases if the industry is an increasing cost industry. (A) none (B) I only (C) II only (D) III only (E) I and II (F) I and III (G) II and III (H) I, II and III

7) Economies of scale are present when A) the LRAC curve is horizontal. B) total fixed cost increases. C) the LRAC curve slopes downward. D) average total cost rises as output increases. E) average total cost remains constant as input increases.

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