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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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