The long- run average cost is the_______ average _ ________ of producing any given quantity of output when all inputs can be changed.

Question

Quizplus · Accepted Answer

The long-run average cost represents the minimum average total cost of producing any given quantity of output when all inputs can be changed. This is because in the long-run, firms have the flexibility to adjust all inputs to achieve the most efficient production process, which results in lower costs.

The Long- Run Average Cost Is The_______ Average _ ________