The Shape of the Long-Run Average Cost (LRAC)curve Reflects _____

question 167

Multiple Choice

The shape of the long-run average cost (LRAC) curve reflects _____

• A)market demand.
• B)economies and diseconomies of scale.
• C)increasing and diminishing marginal returns.
• D)the productivity of fixed inputs.
• E)the law of diminishing returns.

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Definitions:

In Transit

The status of goods or people being transported from one place to another; during the journey.

Carrier

A company or individual responsible for the transportation of goods or people.

Substantially Conforming

A term that refers to goods, services, or performance that meets contract specifications closely enough to fulfill the agreement's requirements.

Conforming Goods

Goods that meet the specifications and standards outlined in a contract, satisfying the terms of the agreement between buyer and seller.