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10.3 The structure of costs in the long run  (Page 24/26)

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  • Card 24 / 26:
    long-run average cost (LRAC) curve

    shows the lowest possible average cost of production, allowing all the inputs to production to vary so that the firm is choosing its production technology

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Practice FlashCards 13 Key Terms 5

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Source:  OpenStax, Openstax microeconomics in ten weeks. OpenStax CNX. Sep 03, 2014 Download for free at http://legacy.cnx.org/content/col11703/1.2
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