Business, 28.11.2019 01:31 terrenevans4156

The long-run average cost curve

a. is the envelope of the short-run total cost curves.

b. represents the various average costs attainable at the planning stage of the firm's decision making.

c. is the envelope of the short-run average variable cost curves.

d. represents the various average costs attainable with a fixed level of capital.

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The long-run average cost curve

a. is the envelope of the short-run total cost curves....

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