Long-Run Average Cost Is Defined As

Multiple Choice

Long-run average cost is defined as:

A) the minimum average cost of producing any level of output when all inputs are variable.
B) the minimum average cost of producing any level of output when the amount of capital is varied and all other inputs are held constant.
C) the average of the short-run costs associated with each amount of capital employed by the firm.
D) the minimum average cost of producing any level of output when all inputs are fixed.