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Question 5 [5] Decide why the following statements are true or false and explain your decision. 5.1. A decision maker must always use the historical

Question 5 [5]

Decide why the following statements are true or false and explain your decision.

5.1. A decision maker must always use the historical cost of raw materials in making an economic decision. (2)

5.2. The portion of the long-run average cost curve that is horizontal indicates that the firm is experiencing neither economies nor diseconomies of scale. (2)

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