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Assertion (A): The long run cost curve is L-shaped rather than U-shaped.Reason (R): The new techniques of production of large plants reduce the total costs per unit of output.

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Microeconomics is a branch of economics that analyzes market behavior of individuals and firms in order to understand their decision-making processes.


Assertion (A): The long run cost curve is L-shaped rather than U-shaped.<br>Reason (R): The new techniques of production of large plants reduce the total costs per unit of output.






 
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