How Do Increasing Returns to Scale Affect the Shape of the Long-Run

question 6

Essay

How do increasing returns to scale affect the shape of the long-run average cost curve?

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Definitions:

Folkways

Norms for routine or casual interaction; these are the everyday practices and customs that guide social behavior in a society.

Laws

Established rules of conduct enforced by governmental authority to maintain order and protect rights and properties.

Communicated

The process by which information is exchanged or conveyed between individuals through a common system of symbols, signs, or behavior.

Language

A system of communication used by a particular community or country, involving the use of words in a structured and conventional way.