The typical shape of the long-run average cost curve is like
A) the letter "C."
B) the letter "U."
C) an inverse of the letter "V."
D) a circle.

Name: The typical shape of the long-run average cost curve is like A) the letter "C." B) the letter "U." C) an inverse of the letter "V." D) a circle.
Brand: Quizplus
Rating: 4.8 (38 reviews)

Question

Quizplus · Accepted Answer

The long-run average cost curve is typically U-shaped, reflecting economies of scale at low levels of output and diseconomies of scale at high levels of output.

The Typical Shape of the Long-Run Average Cost Curve Is