Which of the following statements is false? a.The long-run average-total-cost curve does not connect the minimum points of each of the short-run average-total-cost curves. b.The long-run average-total-cost curve shows the minimum cost of producing each level of output when all resources are variable. c.The short-run average-total-cost curve shows the minimum costs of producing each level of output when at least one input is fixed. d.If short-run average-total-costs are declining, then economies of scale exist. e.None of the above.

Answered: Which of the following statements is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following statements is false?

	a.	The long-run average-total-cost curve does not connect the minimum points of each of the short-run average-total-cost curves.
	b.	The long-run average-total-cost curve shows the minimum cost of producing each level of output when all resources are variable.
	c.	The short-run average-total-cost curve shows the minimum costs of producing each level of output when at least one input is fixed.
	d.	If short-run average-total-costs are declining, then economies of scale exist.
	e.	None of the above.

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