Economics · Theory of Production and Costs
Given below are two statements, one is labeled as Assertion (A) and the other as Reason (R). Assertion (A): Instead of being U-shaped, the long-run average cost curve can be L-shaped in modern economic production. Reason (R): Production or technical economies achieved by a firm in the long run bring down the per-unit cost of production continuously over a wide range of output. Select the correct answer using the code given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(A) is false, but (R) is true
- 2(A) is true, but (R) is false
- 3Both (A) and (R) are true, but (R) is not the correct explanation of (A)
- 4Both (A) and (R) are true and (R) is the correct explanation of (A)✓
Correct answer
Both (A) and (R) are true and (R) is the correct explanation of (A)
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