A Firm's Long-Run Average Cost Curve

question 57

Multiple Choice

A firm's long-run average cost curve

• A)shows the minimum cost of producing each possible level of output with a fixed factor.
• B)shows the relationship between marginal cost and output given that the economically most efficient method of production is employed.
• C)is the boundary between attainable and unattainable cost levels,with known production technologies and given factor prices.
• D)is horizontal in most situations.
• E)is an envelope of short-run average variable cost curves.

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Definitions:

Break Statement

The break statement terminates the current loop, switch, or label statement and transfers control to the code following the terminated statement.

For Loop

A control flow statement for specifying iteration, allowing code to be executed repeatedly based on a given boolean condition.

Scanner Object

In Java, an object used to read the input from various sources, including user input from the console.

Int Variables

Variables in programming that are used to store integer values.