Which of the following statements concerning the short-run average cost curve of economic theory is true?
A) It is L-shaped
B) It is ∩-shaped
C) It is ∪-shaped
D) It is ∧-shaped
E) It is M-shaped

Question

Quizplus · Accepted Answer

The short-run average cost curve is typically U-shaped (∪-shaped) due to initially decreasing average costs with increased production, followed by increasing average costs as production continues to rise.

Which of the Following Statements Concerning the Short-Run Average Cost