I. What assumption gives rise to a U-shaped long run average cost curve for the firm? (Describe shortly)
II.What ways firms in on oligopoly try to elminate or control the consequences of this charcteristic?© BrainMass Inc. brainmass.com November 24, 2022, 11:49 am ad1c9bdddf
The average variable cost curve is U-shaped because of the following reasons: Average variable cost is relatively high at small quantities of output, then as production ...