Increasing returns to scale for a firm are shown graphically by

Exam Question

Increasing returns to scale for a firm are shown graphically by

• 1. returns to scale have nothing to do with the shape of the long-run average cost curve
• 2. a horizontal long-run average cost curve
• 3. a vertical long-run average cost curve
• 4. an upward-sloping long-run average cost curve
• 5. a downward-sloping long-run average cost curve

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