The long-run average cost (LRAC) curve is based on a group of:
a. short-run average cost (SRAC) curves.
b. accounting profit levels.
c. competitive firms.
d. costs incurred when output is zero.
a. short-run average cost (SRAC) curves.
The long-run average cost (LRAC) curve is based on a group of short-run average cost (SRAC) curves, each of which represents one specific level of fixed costs.
Economics
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