The Long-Run Average Cost Curve Is an Envelope Curve,with Each

question 101

Multiple Choice

The long-run average cost curve is an envelope curve,with each point associated with a short-run average cost curve

• A)tangent at that point.
• B)crossing that point from above.
• C)lying below it.
• D)intersecting that point.
• E)at its minimum point.

---

Definitions:

Constituency

A group of people represented by an elected official or body, or a specific demographic group that shares common interests.

Tactically

Pertaining to the use of tactics or strategies to achieve a specific goal or advantage, often with careful planning and execution.

Support

Assistance or encouragement provided to someone or something.

Bargaining Position

The relative standing or leverage of a negotiator in a negotiation, influenced by factors like information, power, or strategic advantages.