The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3
-If a firm experiences economies of scale throughout, it will have a horizontal long-run average-total-cost curve.
Definitions:
Free Actions
Actions performed voluntarily without external coercion or determination, reflecting the agent's own choice or free will.
Freedom
The power or right to act, speak, or think as one wants without hindrance or restraint.
Intrinsic
Referring to something that is inherent or essential to the nature of something else, often used to describe values or properties that are an integral part of an object or concept.
Extrinsic
Not inherent or essential, coming from the outside, or external to something.
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