| 单词 | U-shaped average cost curve |
| 释义 | U-shaped average cost curve The shape that average cost curves are believed to take. The argument is that any productive process has some overheads or fixed costs; these ensure that at low levels of output average cost is high. There are bound to be some inputs which cannot be increased indefinitely, at least in the short run. When output is high, shortages of these restrict the efficiency with which such inputs as can be varied contribute to more output. Thus at high levels of output marginal costs tend to be high, leading to increasing average costs. At some medium level or possibly range of output, average costs reach a minimum, hence the name. Whether long-run average cost curves must turn up or could remain flat for ever is a matter of some dispute. |
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