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A Firm's Long-Run Total Cost Curve Is Given by LTC

Question 139

Multiple Choice

A firm's long-run total cost curve is given by LTC = 2,000Q - 10Q2 + 1/3Q3, and long-run marginal cost is given by LMC = 2,000 - 20Q + Q2. What is the quantity of output that minimizes long-run average total cost?


A) 15
B) 165
C) 500
D) 210

Correct Answer:

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