According to many empirical studies of long-run average cost in various industries, the long-run average cost curve
Question:
According to many empirical studies of long-run average cost in various industries, the long-run average cost curve tends to be L-shaped. Does this mean that there are constant returns to scale at all levels of output?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Business Economics And Managerial Decision Making
ISBN: 9780471486749
1st Edition
Authors: Trefor Jones
Question Posted: