The long-run average cost curve for an industry is repre
Question and Solution
The long-run average cost curve for an industry is represented in the following graph. Add short-run average cost curves
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The long-run average cost curve for an industry is represented in the following graph. Add short-run average cost curves and short-run marginal cost curves for three firms in this industry, with one firm producing an output of 10,000 units, one firm producing an output of 20,000, and one firm producing an output of 30,000. Label these as Scale 1, Scale 2, and Scale 3, respectively. What is likely to happen to the scale of each of these three firms in the long run?
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