Which of the following is true? a. In constant-cost industries, the cost curves of the firm are
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Which of the following is true?
a. In constant-cost industries, the cost curves of the firm are not affected by changes in the output of the entire industry.
b. In an increasing-cost industry, the cost curves of the individual firms rise as total output increases.
c. A decreasing-cost industry has a downward-sloping long-run supply curve; firms experience lower cost as industry expands.
d. All of the above are true.
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