Every point on the long-run average cost curve is
A) also a minimum point on a short-run average cost curve.
B) on a short-run average total cost curve.
C) on a short-run average variable cost curve.
D) on a short-run marginal cost curve.

Question

Quizplus · Accepted Answer

In the long run, firms can adjust all inputs, so the long-run average cost curve is derived from the lowest points of the short-run average total cost curves for different scales of production.

Every Point on the Long-Run Average Cost Curve Is