Which of the following curves reflects the situation in which a firm has complete flexibility in the choices of resources?

Question

Quizplus · Accepted Answer

The Long-Run Average Total Cost (LRATC) curve reflects a situation where a firm has complete flexibility in the choices of resources. In the long run, all inputs are variable, allowing the firm to adjust all factors of production and adopt the most efficient production technology.

Which of the Following Curves Reflects the Situation in Which