Solved

The Long-Run Average Total Cost Curve

Question 427

Multiple Choice

The long-run average total cost curve


A) displays declining unit costs so long as output is increasing.
B) indicates the lowest unit costs achievable when a firm has had sufficient time to alter plant size.
C) has a shape that is the inverse of the law of diminishing returns.
D) can be derived by summing horizontally the average total cost curves of all firms in an industry.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions