Assertion: monopolist's cost | /r/HasProperty | atc
Facets:
Source sentences:
text: Economies of scale result when the average total cost ( ATC ) of a product declines with increasing quantity produced.
text: However, since the average total cost of a natural monopoly continually declines, the marginal cost will always be less than the average total cost (ATC), since the average total cost is the average of all costs including the large fixed costs while the marginal cost is only the extra cost of producing an additional unit.