Economics · Microeconomics
Identify the correct statement regarding Long-run Average Cost (LAC) and Long-run Marginal Cost (LMC):
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The LAC curve falls when LMC LAC✓
- 2The LAC curve goes through the lowest point of the LMC curve
- 3The LAC curve rises when LMC rises
- 4The LAC curve falls when LMC falls
Correct answer
The LAC curve falls when LMC LAC
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