Market Structure and Pricing — Economics STD 11 — Question
Tamilnadu BoardEnglish MediumSTD 11EconomicsMarket Structure and Pricing2 Marks
Question
Define long-run average cost curve.
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Answer
In the long run all the factors are variable. The LAC curve is an envelope curve as it contains a few average cost curves. It is a flatter ‘U’ shaped one. It is also called as planning curve.
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