explain long run marginal cost with graph
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Stated otherwise, LRMC is the minimum increase in total costassociated with an increase of one unit of output when all inputs are variable. The long-run marginal costcurve is shaped by returns to scale, along-run concept, rather than the law of diminishing marginal returns, which is a short-run concept.
Stated otherwise, LRMC is the minimum increase in total costassociated with an increase of one unit of output when all inputs are variable. The long-run marginal costcurve is shaped by returns to scale, along-run concept, rather than the law of diminishing marginal returns, which is a short-run concept.
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