Economics · Theory of Cost & Scale
As output expands, the Long-run Average Cost (LAC) curve falls. This is primarily due to:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Law of variable proportions
- 2Law of diminishing returns
- 3Economies of scale✓
- 4Diseconomies of scale
Correct answer
Economies of scale
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