When AC minimum in short run
A) ac < mc
B) ac > mc
C) ac = mc
D) any of above is possible
Correct Answer:
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Q13: The U shape of MC curve reflects
A)economies
Q14: Envelope curve is
A)long run marginal cost curve
B)long
Q15: In long run, which factor of production
Q16: The U shape of the average total
Q17: The total fixed cost is a
A)horizontal straight
Q19: The shape of TVC and TC are
A)rectangular
Q20: The cost expressed not in terms of
Q21: The MC curve cuts the AC curve
Q22: The minimum point of ATC is at
Q23: If the long run cost curve shifts
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