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Unformatted text preview: available to it in the long run. This is absurd since LAC is a chain of SACs. LAC is also U shaped, showing the falling, the minimum and the rising phases. It is less pronounced or flatter than SACs. This is because more factors become divisible and variable in the long run. Some of the factors may still continue to be fixed even in the long run to make it fall and rise. LMC (like SMC) intersects LAC at the minimum point of the LAC. The reason for such behavior is similar to that in the short run....
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- Fall '10