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Long Run Average Cost (or LAC)
-Constant Returns to Scale
-Increasing Returns to Scale
-Decreasing Returns to the Scale
-In the long run:
-Long run marginal cost(LMC) leads long run average cost(LAC):
Question
-What is relationship between long run average cost and long run marginal cost when long run average cost is constant?
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#i need more light about it..
Allocation Function The shifting or reallocation of production property into or out of markets based on shifts in prices for the products or services produced in that market.
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