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Highest cost firms minimum average cost of production

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Reference no: EM132667664

Determine whether the statement in Italics is True, False or Uncertain.

Assume the market for broomstick production in the Wizarding World is perfectly competitive. If demand for broomsticks were to double causing higher costs firms to enter into the market, the long run supply curve would be perfectly elastic, but at the highest cost firms minimum average cost of production.

Reference no: EM132667664

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