Consider the Long-Run Average Cost Curve for a Firm

question 8

Multiple Choice

Consider the long-run average cost curve for a firm.Any point representing a cost and output combination that is below the LRAC curve

• A)may represent actual cost and production levels in the short run.
• B)represents less efficient cost levels than points on the long-run average cost curve.
• C)is attainable only when all factors are variable.
• D)represents unattainable cost levels,given current technologies.
• E)is attainable if the firm minimizes its costs according to the "principle of substitution."

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