Consider this statement: Long-run cost curves are planning curves, while short-run cost curves are operating curves. Do you agree or disagree with this statement? Support your answer with an appropriate rationale. In your response, use the various cost concepts as well as the concepts of economies and diseconomies of scale, incremental costs, and sunk costs. Provide examples and applications of these costs in your response.
Justify your choices with valid assumptions and logically driven arguments. Cite any sources using APA format.