A Long-Run ATC Curve Shows

question 55

Multiple Choice

A long-run ATC curve shows:

• A)the minimum average total cost possible for firms of all different sizes across an industry.
• B)which size of firm can capture the lowest costs per unit for an industry.
• C)which firms can capture economies of scale by expanding.
• D)All of these are correct.

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Definitions:

Classical View

A traditional perspective or theory in a specific field that has stood the test of time and forms the foundation for subsequent developments.

Triangle

A polygon with three edges and three vertices, representing the simplest form of a polygonal shape.

Bachelor

A man who has never been married; or a university degree traditionally awarded after completing undergraduate studies.

Game

A structured form of play, often undertaken for entertainment or fun, and sometimes used as an educational tool.