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True, False, Uncertain? [Explain your answer.] Suppose that at the current level of output, the long-run average cost curve is decreasing, but the short-run average
True, False, Uncertain? [Explain your answer.] Suppose that at the current level of output, the long-run average cost curve is decreasing, but the short-run average cost curve is increasing in output. It follows that the long-run marginal cost curve must be below the short-run marginal cost curve at this level of output.
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