Long run cost is U-shaped because of the operation of
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- A Economies of scale on the left-hand side and diseconomies of scale on the right-hand side
- B Diseconomies of scale on the left- and right-hand sides
- C Economies of scale on the left- and right-hand sides
- D Constant return to scale
- E Diseconomies of scale of the left-hand side and economies of scale of the right-hand side
Correct Answer: Option A
Explanation:
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