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Question

Which of the following is correct regarding long run cost

A It is the least cost of producing each level of output Correct Answer Incorrect Answer
B LAC curve is envelope of SAC curves Correct Answer Incorrect Answer
C LAC is U shaped Correct Answer Incorrect Answer
D All of the above Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

All of the above are correct for LRAC curve.

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