Explain Why the Long-Run Total Cost Curve,not the Short-Run Total

question 2

Essay

Explain why the long-run total cost curve,not the short-run total cost curve,shows the lowest cost of producing any level of output.Is there an exception?

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Definitions:

Rational Means

Methods or actions that are based on logic or reasoning rather than emotion or desire.

Psychosexual Stages

Five stages of personality development proposed by Freud and tied to the sexual development of the child.

Erogenous Zones

Erogenous zones are areas of the body that elicit sexual arousal when touched or stimulated.

Sigmund Freud

An Austrian neurologist who founded the discipline of psychoanalysis, a method for treating psychopathology through dialogue between a patient and a psychoanalyst.