Long-run average cost is equal to long-run total cost divided by the level of output.
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Q13: Marginal cost must be equal to average
Q14: Fixed costs are costs that do not
Q15: The social costs of firm are any
Q16: When marginal cost is greater than average
Q17: Incremental cost is the additional cost that
Q19: Long-run total cost is the minimum economic
Q20: Semi-variable costs are costs that are fixed
Q21: Short-run marginal cost is the rate of
Q22: If the marginal product of a variable
Q23: If the average productivity of the variable
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