Long-Run Total Cost

question 30

Multiple Choice

Long-run total cost

• A)represents the lowest possible cost of producing a given level of output.
• B)is always equal to or greater than short-run total cost.
• C)is tangent to short-run total cost when short-run total cost is at its minimum point.
• D)both a and b
• E)all of the above

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Definitions:

Agency

A relationship where one party (the agent) is authorized to act on behalf of another (the principal) in legal or business matters.

Third Parties

Entities not primarily involved in a transaction or legal contract but who may be affected by it or have interests in its outcome.

Law Of Agency

A legal doctrine concerning the relationship between the agent and the principal, where the agent is authorized to act on behalf of the principal.

Quasi-Contract

A legal concept where the courts impose contractual obligations on parties not in an actual contract to prevent unjust enrichment.