A Long-Run ATC Curve Shows

question 111

Multiple Choice

A long-run ATC curve shows:

• A) the minimum average total cost possible for every possible size firm across an industry.
• B) which size firm can capture the lowest costs per unit for an industry.
• C) what size firms can capture economies of scale by expanding.
• D) All of these are true.

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Definitions:

Vouchers Payable

An accounting term that refers to accounts payable obligations for which vouchers have been created but not yet paid.

Unpaid Voucher File

A file or record keeping system that tracks invoices and vouchers that have not yet been paid by the company.

Sales Discounts

Reductions in the price of goods sold, offered to customers as an incentive to either prompt payment or increase sales volume.

Vouchers Payable

Liabilities or debts owed by a company for purchases made on credit, documented by vouchers.