MODERN THEORY OF COST<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"MODERN THEORY OF COST Modern economists including Stigler, Andrews and Friedman have questioned the validity of U-shaped cost curves both theoretical as well as on empirical grounds. Also the long run costs in modern theory are not U- shaped but L- shaped. The Modern theory suggests the existence of \u2018built- in- reserve capacity \u2018which imparts…<\/p>\n
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