The Shape of a Firm's Long-Run Average Cost Curve Is

question 29

Multiple Choice

The shape of a firm's long-run average cost curve is determined by

• A)the degree to which each input encounters diminishing marginal productivity.
• B)the underlying nature of the firm's production function when all inputs are able to be varied.
• C)how much the firm decides to produce.
• D)the way in which the firm's expansion path reacts to changes in the rental rate on capital.

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