Multiple Choice
The long-run average cost (LRAC) curve shows
A) the lowest unit cost at which the firm can produce a given output.
B) the highest unit costs of producing a given output.
C) the operation of the law of diminishing returns.
D) what happens to the fixed costs in the long run.
E) the same as the short-run average cost curve.
Correct Answer:
Verified
Correct Answer:
Verified
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