Question: Question 1. With the use of a graph, explain minimum efficient scale. What is likely to happen in the long run to firms that do

Question 1. With the use of a graph, explain minimum efficient scale. What is likely to happen in the long run to firms that do not reach minimum efficient scale?

Question 2. What is the difference between explicit costs and implicit costs? List three examples of explicit costs and three examples of implicit costs that may be experienced by a small business.

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