Question: A U-shaped long-run average cost curve is the envelope of U-shaped short-run average cost curves. On what part of the curve (downward sloping, flat, or

A U-shaped long-run average cost curve is the envelope of U-shaped short-run average cost curves. On what part of the curve (downward sloping, flat, or upward sloping) does a short-run curve touch the long-run curve?

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