The Long-Run Average Cost Curve Represents the

Multiple Choice

The long-run average cost curve represents the

A) lowest possible production cost given a fixed quantity of machinery and capital stock.
B) lowest possible production cost given the current factory size.
C) the best possible combination of inputs for a large quantity of output.
D) the best possible combination of inputs for any quantity of output.
E) the best possible combination of inputs for output that takes at least a year to produce.