Any Point Representing a Cost and Output Combination That Is

Multiple Choice

Any point representing a cost and output combination that is below the long- run average cost curve

A) is attainable if the firm minimizes its costs according to the "principle of substitution".
B) is attainable only when all factors are variable.
C) represents unattainable cost levels.
D) may represent actual cost and production levels in the short run.
E) represents less efficient cost levels than points on the long- run average cost curve.