Short Answer
The following graph shows a firm's long-run average and marginal cost curves.
-From zero to 600 units of output __________ exist. Beyond 600, ________________ exist. Suppose the firm decides to build a plant to produce 900 units of output at the least possible cost. After the plant is built the firm is in the short run with short-run average and marginal cost curves of ATC and MC. (ATC and MC are not shown in the figure.)
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