Meaning of long run average cost curve
Long run average cost curve
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Business glossary
Meaning of term long run average cost curve :
The long run average cost (LRAC) curve shows the minimum unit cost of producing each level of output. The shape of the long run average cost curve will depend on the existence of economies and diseconomies of scale. If there are economies of scale then the LRAC curve will slope downwards (falling unit costs), whereas if there are diseconomies of scale the LRAC curve will slope upwards (rising unit costs).
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Long run average cost curve
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