The Long-Run Average Cost Curve Shows

question 294

Multiple Choice

The long-run average cost curve shows

• A)the lowest average cost of producing every level of output in the long run.
• B)where the most profitable level of output occurs.
• C)the average cost of producing where diminishing returns are not present.
• D)the plant size or scale that the firm should build.

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Definitions:

Sample Size

The number of observations or items selected from a population to constitute a sample for the purpose of statistical analysis.

Sample Size

It refers to the number of observations or individuals taken from a population for the purpose of statistical analysis.

Population Standard Deviation

An indicator of the extent of variability or spread within a complete set of data points in a population.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values deviate from the mean of the set.