SRAC is the acronym for which concept related to costs at different levels of production?
A)short- run average cost
B)strategic reasoning and costs
C)strategic revenues and costs
D)strategic rights and company
E)short- run accounting costs

Question

Quizplus · Accepted Answer

SRAC stands for short-run average cost, which is an economic concept that refers to the average cost per unit of production in the short run when at least one input is fixed. It helps firms to understand how the cost of production changes as it increases or decreases its output in the short run.

SRAC Is the Acronym for Which Concept Related to Costs