The Long-Run Average Cost Curve Is the Relationship Between the Lowest

question 58

Multiple Choice

The long-run average cost curve is the relationship between the lowest attainable average total cost and output, when plant size is ________ and labour is ________. The long-run average cost curve is made up of the segments of individual average ________ cost curves with the lowest average ________ cost for a given output.

• A)varied; varied; variable; variable
• B)varied; varied; total; total
• C)varied; held constant; variable; variable
• D)held constant; varied; total; total
• E)held constant; varied; variable; variable

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Definitions:

Great Migration

The movement of six million African Americans out of the rural Southern United States to the urban Northeast, Midwest, and West from about 1916 to 1970.

Sharecropping Opportunities

Refers to a system where individuals, often former slaves and their descendants, farmed land owned by another in return for a share of the crops, a practice common in the Southern United States after the Civil War.

European Immigration

The movement of people from Europe to other countries for reasons such as economic opportunity, escape from persecution, or family reunification, significantly shaping the demographics of the receiving countries.

Residential Instability

Residential instability denotes frequent changes in living situations or housing, which can reflect and contribute to social and economic instability.