Ariellelyn9403 Ariellelyn9403
  • 01-08-2017
  • Business
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True or false. the u shape of the long-run atc curve is the result of diminishing returns.

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meerkat18
meerkat18 meerkat18
  • 14-08-2017

The U shape of the long-run ATC curve is the result of diminishing returns. This statement is false. This shape happens because of the dominance of AFC thus the ATC is falling but after a while, the AVC becomes dominant and ATC starts to rise. 

Definition of terms: 

ATC – Average Total Cost 

AFC – Average Fixed Cost 

AVC – Average Variable Cost 

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