What Does the Long-Run Average Cost Curve Show

question 260

Multiple Choice

What does the long-run average cost curve show?

• A) the interaction between average fixed cost and marginal cost
• B) the lowest average cost to produce each output level in the long run
• C) the distinction between long-run fixed and long-run variable costs
• D) the lowest average marginal cost of producing each output level at any time.
• E) Answers A, B, and C are correct.

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Definitions:

Innovation

The act of introducing something new or developing an improved version of a product, service, or process.

Invention

The creation of a new product, process, or idea that did not exist previously.

Production Process

The method or series of actions taken to manufacture, create, or produce goods and services.

Basic Scientific Research

Fundamental investigations aimed at acquiring new knowledge without a particular application or use in mind.