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Economics
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The​ long-run average cost curve traces out the lowest possible​ _______ of producing each output.
a. Marginal cost
b. Average variable cost
c. Average fixed cost
d. Average total cost

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Sonia Dhawan
Sonia DhawanLv10
17 Sep 2020
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Related questions

1. If a firm experiences economies of scale,

a. it moves up along the long-run average total cost curve.

b. expansion of output becomes more expensive for the firm.

c. the firm can reduce its per-unit cost by producing less.

d. the firm must shut down in the long run.

e. the firm can reduce its per-unit cost by expanding production.

2. The long-run average total- cost curve represents:

a. the maximum cost of producing any level of output when all the factors are fixed.

b. the lowest cost of producing any level of output when all the factors are variable.

c. the maximum cost of producing any level of output when all the factors are variable.

d. the lowest cost of producing any level of output when all the factors are fixed.

e. the lowest cost of producing any level of output when at least one factor fixed.

3. If the average variable cost if falling, then:

a. average fixed cost is rising.

b. marginal cost must be falling.

c. marginal cost must be rising.

d. marginal cost lies below average variable cost.

e. marginal cost lies above the average variable cost.

4. When the marginal-cost curve lies above the average-total-cost curve, the average-total-cost curve slopes up and the average-variable-cost curve slopes down.

a. true

b. false.

5. Demand is price-elastic at the top portion of a straight-line downward-sloping demand curve.

a. true

b. false.

50) The long-run average cost curve is the relationship between the lowest attainable average total cost and output, when plant size is_vanud and labour is varied_. The long-run average cost curve is made up of the segments of individual average total cost curves with the lowest average hole cost for a given output. A) held constant, varied; variable: variable B) varied: varied, total: total C) held constant; varied total; total D) varied, held constant; variable; variable E) varied; varied; variable; variable

22) The long-run average cost curve is the relationship between the lowest attainable average total cost and output, when plant size is and labour is -- The long-run average cost curve is made up of the segments of individual average_ cost curves with the lowest average cost for a given output A) held constant; varied; total; total B) varied; held constant; variable; variable C) held constant; varied; variable; variable D) varied; varied; variable; variable E) varied; varied; total; total

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