Examlex
The slope of a long-run average total cost curve exhibiting decreasing returns to scale is:
Perfectly Competitive Firm
A company operating in a market where there are many sellers and buyers, the product is homogeneous, and there are no barriers to entry or exit.
Downward Sloping
Describes a line or curve on a graph that shows a decrease in value as it moves from left to right.
Average Total Cost Curve
A graph that shows a firm's per-unit cost (both fixed and variable) at various levels of output.
Upward-sloping
Describes a curve on a graph that moves higher as it goes from left to right, often used to illustrate the relationship between price and supplied quantity in supply curves.
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