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49
How did Rockefeller reach a minimum LRAC with Standard Oil?
He bought up the competition and shut down the least efficient firms, which allowed the remaining firms to operate at capacity (which we know is usually the most efficient state) for a min LRAC.
Flashcard info:
Author: savhighsmith
Main topic: Economics
Topic: History of Economics
School / Univ.: UGA
City: Athens
Published: 12.10.2010