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QUESTION 1Discuss the long - run average cost curve of a firm and how it represents
QUESTION 1
Discuss the long - run average cost curve of a firm and how it represents
returns to scale.
Substantiate the answer with the aid of diagram.
QUESTION 2
Depending on the characteristics of the market structures, firms will experience different profit maximizing positions in the short-run and long-run "In terms of this statement, discuss the profit maximizing positions of a monopolistically competitive firm and monopolist in the long-run.