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QUESTION 3 The following graph depicts the various cost curves for a representative competitive firm producing Quantity Q1. What is the important relationship between LRAC

QUESTION 3

The following graph depicts the various cost curves for a representative competitive firm producing Quantity Q1. What is the important relationship between LRAC and MC?

\f$ Costs LRAC MC SRAC P1 Q1 Quantity per period2 P5 Costs and revenues Q1 Q2 3 Quantity per period

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