Explain the shape of long-run average cost curve (LAC). - Economics | Shaalaa.com
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The shape of the long-run average total cost curve can differ for different types of firms depending on:? the behavior of the market demand.? how much production it takes to reach the minimum long-run average total cost.? the time of year that the comparison is made.? how much production it takes to reach the minimum short-run average total cost.
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