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| Page 86 Yes. Though currently a small part of the new economy, biotechnology could be a major industry in the near future, thanks to continuing technological breakthroughs. Page 95 In this case, the AC curve is identical with the AFC curve, and average cost falls whenever output is increased. Page 100 No. Because customized methods reduce the importance of increasing returns to scale, businesses do not need to be as large to gain the competitive advantage that comes with low long-run average costs. |