Empirical studies indicate that the LAC curve is L-shaped. What does this mean for the survival of small firms in the industry?

Empirical studies indicate that the LAC curve is L-shaped.What does this mean for the survival of small firms in the industry?150-200 words

Empirical studies indicate that the LAC curve is L-shaped.What does this mean for the survival of small firms in the industry? When LAC is L shaped, it means that as output rises Average costs…