$ Short and Long Run Average and Marginal Cost A TP₁ TP2 TP 3 On the graph above, why does the red line intersect the green dashed line at TP₂? The MP(L) in the short-run is equal to the MP(L) in the long-run. the Th MRTS in the Long-run is equal to the MRTS in the long-run None of these are true. The short-run total cost curve must be tangent to the Long-run total cost curve. The period of time considered is so short, both the short-run and long-run are the same. A TP

$ Short and Long Run Average and Marginal Cost A TP₁ TP2 TP 3 On the graph above, why does the red line intersect the green dashed line at TP₂? The MP(L) in the short-run is equal to the MP(L) in the long-run. the Th MRTS in the Long-run is equal to the MRTS in the long-run None of these are true. The short-run total cost curve must be tangent to the Long-run total cost curve. The period of time considered is so short, both the short-run and long-run are the same. A TP

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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