The Long-Run Average Cost (LRAC)curve Shows

question 72

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.

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Definitions:

Inner Hair Cells

Sensory cells in the cochlea of the ear responsible for converting sound vibrations into electrical signals for the brain to interpret as sound.

Sensorineural Hearing Loss

Sensorineural hearing loss occurs when there is damage to the inner ear (cochlea) or to the nerve pathways from the inner ear to the brain, often leading to difficulty in hearing sound clearly.

Spiral Organ

A structure located within the cochlea of the inner ear, essential for hearing as it transforms sound waves into electrical signals.

Basilar Membrane

A membrane in the cochlea of the inner ear that moves in response to sound, allowing for hearing.