When the long-run average total costs of an industry decline with an increase in output, its market is:

Name: When the long-run average total costs of an industry decline with an increase in output, its market is:
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When the long-run average total costs of an industry decline with an increase in output, it indicates economies of scale, which is a characteristic of a natural monopoly. This occurs because a single firm can produce the total output at a lower cost than could several firms.

When the Long-Run Average Total Costs of an Industry Decline