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What is the long-run average cost curve? What are the three ranges of output and in what order do they occur? Briefly define each of the three ranges.
Cars
Vehicles powered by an engine, primarily used for transporting people and goods.
New York City
A major city in the United States, known for its significant cultural, financial, and media impact globally.
Proposition
A statement or assertion that expresses a judgment or opinion that can be either true or false.
Statement
An expression or assertion that something is the case, typically presented in declarative form.
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