The long-run average cost curve is made up of several sho...
The long-run average cost curve is made up of several short-run
Marginal and average cost curves
Average cost curves
Average variable cost curves
Average variable and total cost curves
Correct answer is C
The long-run average cost (LRAC) curve shows the firm's lowest cost per unit at each level of output, assuming that all factors of production are variable. The LRAC curve assumes that the firm has chosen the optimal factor mix, as described in the previous section, for producing any level of output.
Macro-economics is a study of economics science from the point of view of ...
Shares and stocks can be bought in the ...
Under normal circumstances, the concept of consumers sovereignty implies that ...
The expression of cost in terms of alternative forgone is referred to as ____? ...
In which of the diagrams above, is the consumer surplus correctly shaded? ...
A significant effect of the growth of the oil sector in Nigeria has been to ...
Which of the following will not increase the population of a country? ...
The size of a business units tends to be small if the activity ...
54, 36, 62, 79, 83, 36, 62, 42, 62, and 42. What is the modal score? ...
For a firm to break even in the long run, the marginal cost curve must cut the ...