-The Above Figure Shows the Long-Run Cost Curves for a Typical

question 23

Essay

-The above figure shows the long-run cost curves for a typical firm in a competitive market.If the number of firms is unrestricted and input costs are constant,derive the long-run market supply curve.

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Definitions:

Lockbox System

A lockbox system is a banking service used by companies to expedite the collection and processing of accounts receivable by having checks mailed directly to a bank-operated address.

Collection Time

The average period that it takes for a business to receive payments owed, in terms of receivables, from its customers and clients.

Preauthorized Payments

Financial arrangements allowing a payee to automatically withdraw money from a payer's bank account for recurring bills or subscriptions.

Collection Time

The duration it takes for a business to receive payments owed by its customers.