Economics · Microeconomics
The conventional Average Variable Cost (AVC) curve is U-shaped primarily due to the operation of the:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Law of supply
- 2Law of increasing returns to scale
- 3Law of variable proportions (diminishing returns)✓
- 4Law of demand
Correct answer
Law of variable proportions (diminishing returns)
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