Question: 4.1 A U-shaped long-run average cost curve is the envelope of U-shaped short-run average cost curves. On what part of the short-run curve (downward sloping,

4.1 A U-shaped long-run average cost curve is the envelope of U-shaped short-run average cost curves.

On what part of the short-run curve (downward sloping, flat, or upward sloping) does the shortrun curve touch the long-run curve? (Hint: Your answer should depend on where on the long-run curve the two curves touch.)

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