Assertion: monopoly's cost | /r/HasProperty | lac
Facets:
Source sentences:
text: Technically this implicates that the monopolists' long term average costs (LAC) and long term marginal costs (LMC) decrease when the output Q increases.
text: Now consider the market demand curve in the diagram, which intersects the long-run average cost (LRAC) curve at an output level of 6,000 planes per year and at a price P 1 , which is higher than P 0 .