Salient features of long run average cost curve

1.	Salient features of long run average cost curve
Answer» Answer: We KNOW that, as a firm expands, the RETURNS to scale increase. Falling long run average costs and increasing economies to scale due to INTERNAL and external economies of scale. Rising long run average costs and DIMINISHING economies to scale due to internal and external diseconomies of scale.

Answer»

Answer:

We KNOW that, as a firm expands, the RETURNS to scale increase. Falling long run average costs and increasing economies to scale due to INTERNAL and external economies of scale. Rising long run average costs and DIMINISHING economies to scale due to internal and external diseconomies of scale.

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Salient features of long run average cost curve

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