Economies of scale occur when the long-run average cost curve slopes downward.

Name: Economies of scale occur when the long-run average cost curve slopes downward.
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Economies of scale occur when the long-run average cost curve slopes downward, indicating that as production levels increase, the average cost of producing each unit decreases due to benefits such as specialization, cost-sharing, and increased efficiency.

Economies of Scale Occur When the Long-Run Average Cost Curve