2. Explain the following ideas: a. The MC curve intersects the AVC curve at the AVC minimum. b. AVC curves tend to slope upward at
2. Explain the following ideas: a. The MC curve intersects the AVC curve at the AVC minimum. b. AVC curves tend to slope upward at higher levels of production. c. Long-run average cost curves indicate returns to scale. You should use graphs where useful to support your arguments
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