The long-run average cost curve is tangent to the lowest points on all possible short-run average total cost curves.
Correct Answer:
Verified
Q65: The law of diminishing returns is reflected
Q66: If the long-run average cost curve slopes
Q67: If marginal cost is greater than average
Q68: The minimum short-run average total cost occurs
Q69: All costs are variable costs in the
Q71: Long-run average cost slopes downward over a
Q72: If long-run marginal cost is greater than
Q73: Industries where the long-run average cost curve
Q74: Firms that produce more than one type
Q75: The brain drain refers to the emigration
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents