Explain the Relationship Between the Long Run Marginal Cost Curve

question 70

Essay

Explain the relationship between the long run marginal cost curve in the long- run average cost curve under conditions of decreasing returns to scale increasing returns to scale and constant returns to scale.

---

Definitions:

Beard Tax

A historical form of taxation imposed by certain governments on men who had beards, used as a means of raising revenue.

Public-Order Crimes

Acts that are criminalized because they are considered to violate societal norms or values, rather than directly harm individuals.

Social Control Theory

A sociological theory suggesting that people's relationships, commitments, values, norms, and beliefs encourage them not to break the law.

Social Constructionism

A theory in sociology and philosophy which suggests that many aspects of the world, including knowledge, are not inherent in reality but are constructed by society.