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Question 4 The longrun average cost curve of a company that experiences economies of scale is downward sloping. The firm's long-run average cost curve is

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Question 4 The longrun average cost curve of a company that experiences economies of scale is downward sloping. The firm's long-run average cost curve is horizontal when costs rise in lockstep with output. As a result, this firm's long-run average cost curve has a rounded L- shape; it first declines, then rises as output rises

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