Accessible descriptiоn: The figure indicаtes оn the y-аxis cоst in dollаrs per unit and on the x-axis the quantity in units per hour. Depicted in the figure is a long-run average cost (LRAC). Four points lies along the LRAC curve at quantities of (5), (10), (20) and (25). LRAC is decreasing up to a quantity of 10, is flat between quantities of 10 and 20, and is increasing for quantities greater than 20. f1q13g1 (2).jpg In the above figure, the long-run average cost curve exhibits economies of scale