The Long-Run Average Cost (LRAC)curve Shows

question 72

Multiple Choice

The long-run average cost (LRAC) curve shows

• A)the lowest unit cost at which the firm can produce a given output.
• B)the highest unit costs of producing a given output.
• C)the operation of the law of diminishing returns.
• D)what happens to the fixed costs in the long run.
• E)the same as the short-run average cost curve.

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Definitions:

Directly

In a straight line or manner, without deviating; also means without intervening factors or intermediaries.

Distress

Extreme anxiety, sorrow, or pain; a negative psychological state caused by external and internal stressors, affecting an individual's emotional well-being.

Breaking Confidentiality

Breaking confidentiality is the act of disclosing private or protected information without consent, violating ethical guidelines or agreements in professional settings.

Duty To Warn

A legal and ethical obligation for certain professionals to disclose information to prevent harm to a specific individual or the public when a client poses a threat.