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Question
A firmʹs long-run average cost curve is
A) the locus of points representing the minimum unit cost of producing any given rate of output when all inputs may be adjusted.
B) the locus of points made up of the minimum point on each short -run average total cost curve when only one input may be adjusted.
C) the envelope of the firmʹs variable cost curves.
D) identical to the lowest short-run average cost curve the firm has.
Answer
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