The Long-Run Average Cost Curve Shows

question 294

Multiple Choice

The long-run average cost curve shows

• A)the lowest average cost of producing every level of output in the long run.
• B)where the most profitable level of output occurs.
• C)the average cost of producing where diminishing returns are not present.
• D)the plant size or scale that the firm should build.

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Definitions:

Appositional

Growth or movement towards each other or towards a common point, often used in anatomical or dental contexts.

Oppositional

Characterized by resistance or dissent in attitude or action, often seen in behaviors that are contrary to those expected or requested by others.

Lamellae

Thin layers or plates of tissue, as in the bones, or in the chloroplasts of plant cells, where they form the grana.

Lacunae

Small cavities in bone or cartilage tissue that house osteocytes or chondrocytes, respectively, essential for tissue health and maintenance.