Economics · Theory of Cost
The primary reason why the long-run average total cost (LRATC) curve is U-shaped or saucer-shaped is:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The presence of fixed costs in the long run
- 2The law of diminishing marginal utility
- 3Economies and diseconomies of scale✓
- 4The law of variable proportions
Correct answer
Economies and diseconomies of scale
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