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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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factor influencing quantity supplied
primary reference electrode,she
Inflation is not possible under the gold standard.” Is this statement true, false, or uncertain? Explain your answer.
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