Long-run and increase are correct phrases as the short-run average cost (SRAC) curves, each of which represents a distinct level of fixed costs, form the foundation of the long-run average cost (LRAC) curve.
The least expensive average cost curve for any level of output will be the long-run average cost curve.
Benefits from economies of scale might result from a business's size being expanded. For instance, while making significant purchases, a business could profit from economies of scale.
Through the negotiation of a lower price per unit and the simultaneous purchase of a large number of items, it was able to outbid competitors.
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