supply curve, economies of scale
A) In the long-run in perfectly competitive industries the (long-run) supply curve of the industry can be derived. Explain likely outcomes (slopes) of long-run supply curve in various situations
B) Explain economies of scale. What are the major reasons for this phenomenon? What are the likely slopes (shapes) of the long-run average total cost curves?
By OTA: Jiong Tu, PhD (IP)
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