Every point on a ________ represents the minimum cost at which the associated output level can be produced when the scale of plant can be changed.
A) U-shaped long-run average cost curve
B) marginal cost curve
C) long-run variable cost curve
D) long-run demand curve

Question

Quizplus · Accepted Answer

The U-shaped long-run average cost curve represents the minimum cost at which the associated output level can be produced when the scale of plant can be changed, reflecting economies and diseconomies of scale.

Every Point on a ________ Represents the Minimum Cost at Which