Figure 7.3.4
-Refer to Figure 7.3.4 above. The long run cost curve comes from:
Definitions:
Cournot Duopolists
Firms in a Cournot duopoly compete by choosing quantities rather than prices, assuming the quantity set by the competitor as given while deciding their own.
Total Cost
The total expenses associated with manufacturing goods or services, encompassing both constant and fluctuating costs.
Bean Sprouts
The germinated beans used commonly in Asian cuisines, known for their crunchy texture and nutritional benefits.
Firm's Production
The total output of goods or services that a company produces, often within a specified time frame, reflecting its productive capacity.
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