Economics · Cost Curves
The Long-run Average Total Cost (LRATC) curve is U-shaped or saucer-shaped primarily due to which economic phenomenon?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1None of these
- 2Law of diminishing marginal utility
- 3Economies and diseconomies of scale✓
- 4Law of variable proportions
Correct answer
Economies and diseconomies of scale
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