Unit 3 Milestone-6

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1 17/21 that's 81% RETAKE questions were answered . 17 correctly questions were answered . 4 incorrectly Which of the following is true about the long run average cost curve? ● ø ø ● The long run average cost curve is shaped like a bell and rises because of economies of scale while falling because of diseconomies. The long run average cost curve is comprised of all the lowest points of each of the short run average cost curves because no firm will operate at a level of higher per-unit costs in the long run than in the short run. ● The long run average cost curve cannot be equal to or lie below any short run average cost curve because in the short run all factors of production can be variable. UNIT 3 — MILESTONE 3 SCORE 17/21
CONCEPT → Long-Run Supply Curve 2 CONCEPT → Cost: Total, Marginal and Average 3 Report an issue with this question If the variable costs for a firm are $40,000, the fixed costs are $20,000, and the firm sells 100 units, what are the firm's average total costs? Report an issue with this question Number of Total Marginal Marginal ● ø ø ● ø ● The long run average cost curve can be found as the MC from above the shut down point onward. ● $60,000 ● $400 $600 ● $20,000
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