TOPICS:
The Long-Run ATC
Curve
Economies of Scale and Industry
Structure
OUTCOMES:
Explain the difference
between short run and long run costs
State why the long run average
cost is expected to be U shaped
List and explain the causes of
economies and diseconomies of scale
Indicate the relationship between
economies of scale and number of firms in an industry and
their sizes
Why are there many hardware stores
in Illinois but only two automobile production
plants?
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