Question
Which one of the following is also known as Long run
average cost curve?ÂSolution
The Long Run Average Cost (LRAC) Curve is also called the: Envelope Curve because: • It is formed by enveloping (touching) the minimum points of all possible Short Run Average Cost (SRAC) curves. • Each point on the LRAC corresponds to the lowest possible cost for producing a given output when all inputs are variable. Other options: • Basket Curve — No such concept in economics. • Wallet Curve — Not an economics term. • Production Possibility Curve — Shows maximum production combinations of two goods.
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