A firm is producing at minimum average total cost with its current plant. Draw the​ firm's long-run average cost curve. Label it. Draw a point on the LRAC curve at which the firm cannot lower its average total cost. Draw the​ firm's short-run average total cost curve that is consistent with the point you have drawn. Label it. When the firm cannot lower its average total cost by changing its​ plant, then it is operating on its​ long-run average cost curve at a point with​ _______.

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Answer:

Draw the​ firm's long-run average cost curve. Label it. Draw a point on the LRAC curve at which the firm cannot lower its average total cost. Draw the​ firm's short-run average total cost curve that is consistent with the point you have drawn. Label it. (see LRAC BRAINLY)

When the firm cannot lower its average total cost by changing its​ plant, then it is operating on its​ long-run average cost curve at a point with​

Constant returns of scale (see image 2)

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