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What firm long-run average and marginal cost curve look like

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1. Explain why the intersection of the average variable cost curve and the marginal cost curve is the point of minimum average variable cost.

2. Suppose no economies or diseconomies of scale exist in a given industry. What will the firm's long-run average and marginal cost curves look like? Would you expect firms of different sizes to be able to compete successfully in such an industry?

Reference no: EM13878345

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