What is Long-run Average Cost Curve or Envelope Curve?
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In the long-run, the firm can choose among different possible sizes of plant as determined by short run average cost curves such as SAC1, SAC 2 and SAC3. The LAC-curve is U-shaped and it is often called the 'envelope curve' because it 'envelopes' the SRC curve • LAC curve is also called 'envelope curve'.
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