A firm's long-run average cost curve is derived from a series of short-run average total cost curves.

Name: A firm's long-run average cost curve is derived from a series of short-run average total cost curves.
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The long-run average cost curve is an envelope of short-run average total cost curves, showing the lowest cost at which a firm can produce any given level of output when all inputs are variable.

A Firm's Long-Run Average Cost Curve Is Derived from a Series