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In microeconomics, the relationship between the long-run marginal cost (LRMC) and the long-run average cost (LRAC) curve is fundamental to understanding firm behavior and production efficiency. The LRAC curve represents the lowest possible average cost of production when all inputs are variable, and firms can adjust plant size or scale of operations. The LRMC curve, on the other hand, shows the additional cost of producing one more unit of output when all inputs are variable in the long run. The key relationship between LRMC and LRAC is that the LRMC curve always intersects the LRAC curve at the minimum point of the _______ ______ _______ __________ _____ __________ ________ ____ _____ ________ __________ __________.
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