Long-run total cost is the maximum economic cost of producing each possible level of output when the time period is sufficiently long to change all inputs of the firm's production function.

Question

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Long-run total cost refers to the minimum economic cost of producing each possible level of output when the time period is sufficiently long to change all inputs of the firm's production function, allowing for all inputs to be variable.

Long-Run Total Cost Is the Maximum Economic Cost of Producing