The long-run average cost curve
A. is a composite of short-run AC curves.
B. shows the lowest possible short-run AC corresponding to each output level.
C. depends on the firm’s planning horizon.
D. All of the responses are correct.
Answer: D
Economics
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Opportunity cost
A) can only be measured as a paid cost. B) is always the value of the next best forgone opportunity. C) does not exist since there are no receipts. D) is always the lowest valued alternative.
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Comparative advantage and relative opportunity costs are the same thing
Indicate whether the statement is true or false
Economics