Economics · Cost Theory
If a firm faces a downward-sloping Long-Run Average Cost (LRAC) curve, it indicates:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A decline in short-run marginal cost
- 2A decline in average variable cost only
- 3A decline in cost per unit of output✓
- 4A decline in total cost
Correct answer
A decline in cost per unit of output
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