Long-run marginal cost:
A) is the rate of change of long-run fixed cost as the level of output changes.
B) is the rate of change of long-run total cost as the level of output changes.
C) is the rate of change of long-run average cost as the level of output changes.
D) is usually fixed over a given range of production.
E) is always constant.

Question

Quizplus · Accepted Answer

Long-run marginal cost is the rate of change of long-run total cost as the level of output changes. It takes into account all factors of production, including variable and fixed costs, and represents the additional cost of producing one more unit of output in the long run.

Long-Run Marginal Cost