A Firm's Long-Run Average Cost Curve

question 37

Multiple Choice

A firm's long-run average cost curve

• A) shows the lowest attainable average total cost of producing any level of output when the plant and labor are variable.
• B) is U-shaped.
• C) tells the firm which plant size to use and which quantity of labor to use to minimize the cost of producing any level of output.
• D) all of the above

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