So would a perfectly competitive firm's short run average costs always be higher than long run average costs? Or would it be higher than or equal to the LRAC curve (seeing as there is a point of tangency between the long and short run AC curves)?
Im a 16 years old im cardiovasculy the fitness guy in my year (from the UK) yet im still chubby i dnt get it!!! how old were you when you started training? Thanks
So would a perfectly competitive firm's short run average costs always be higher than long run average costs? Or would it be higher than or equal to the LRAC curve (seeing as there is a point of tangency between the long and short run AC curves)?