Introduction to the Scientific Method. The scientific method is the process by which scientists, collectively and over time, endeavor to construct an accurate (that is, reliable, consistent and non-arbitrary) representation of the world.
The long-run marginal cost curve is shaped by returns to scale, a long-run concept, rather than the law of diminishing marginal returns, which is a short-run concept. The long-run marginal cost curve tends to be flatter than its short-run counterpart due to increased input flexibility as to cost minimization.iven that LRAC is an average quantity, one must not confuse it with the long-run marginal cost curve, which is the cost of one more unit. The LRAC curve is created as an envelope of an infinite number of short-run average total cost curves, each based on a particular fixed level of capital usage.
The average total cost (ATC) curve will be negatively sloped so long as. A. Average variable cost is less than average total cost. B. Marginal cost is greater than average total cost. C. Average fixed cost is less than average total cost.he period in which there are no fixed costs is the. A. Production run. B. Long run. C. Short run. D. Implicit run. 72. The long-run average total cost curve is constructed from the. A. Minimum points of the short-run marginal cost curves.