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What is the Long-Run Supply Curve?
The long-run supply curve is usually the summation of the short-run supply curves. Most of these supply curves include the three stages of production that is from a stage of increasing returns to that of scale, the constant returns to scale as well as the decreasing returns to scale.
Why is the Long-Run Supply Curve important?
Diagrammatically, the long-run supply curve in perfect competition comprises of three parts, namely a downward curve, a flat section and an upward curve. Hence, this curve can help you to connect all the points of constant return to scales with that of the short-run supply curve. This helps a firm to adjust its inputs, comprising the ones that were fixed in short-run. This adjustment will also help a firm to reduce its long-run overall average cost. Presenting this concept correctly will fetch you excellent grades. myhomeworkhelp.com, The Long-Run Supply Curve homework Help service completes your paper with every crucial diagram and mathematical sums. The uniqueness of service is in its price. We don’t charge an expensive amount. You can avail all our services 24×7, within just a reasonable price.
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