The Long-Run Average Cost Curve Is Tangent to the Short-Run

question 59

Multiple Choice

The long-run average cost curve is tangent to the short-run average total cost curve at the minimum point of the short-run average total cost curve when the:

• A) long-run average cost curve is downward-sloping.
• B) long-run average cost curve is upward-sloping.
• C) firm is experiencing constant returns to scale.
• D) firm is experiencing economies of scale.

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Definitions:

Attestation Clause

A provision in a legal document certifying that the document is made willingly and that the signatories are aware of the contents.

Valid Will

A valid will is a legal document that has been properly executed in accordance with the laws governing estate distribution, specifying how a person’s property will be divided after death.

Codicil

A supplement or amendment to a will, allowing for changes or additions without requiring the will to be completely rewritten.

Probate

The legal process through which a deceased person's estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off.