Long-run total cost
A)represents the lowest possible total cost of producing a given level of output.
B)is always equal to or greater than short-run total cost.
C)is greater than short-run total cost when short-run total cost is at its minimum point.
D)both b and c
E)all of the above

Question

Quizplus · Accepted Answer

Long-run total cost represents the lowest possible total cost of producing a given level of output because it allows all inputs to be varied, optimizing production efficiency.

Long-Run Total Cost