Which One of the Following Is the Graph of

question 30

Multiple Choice

Which one of the following is the graph of .

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Definitions:

Long Run

A period in economics sufficient for all markets to reach equilibrium, where all inputs and outputs can be varied by firms, not constrained by existing physical capital.

ATC

Average Total Cost; the total cost per unit of output incurred when producing goods or services.

AVC

Average Variable Cost, the cost that varies with the level of output, divided by the quantity of output produced.