Economics · Microeconomics
The Long-run Average Cost (LAC) curve envelopes the short-run average cost (SAC) curves by being tangent to them. At its minimum point, it touches the minimum point of which SAC curve?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The rising phase of all SAC curves
- 2The declining phase of all SAC curves
- 3The optimum scale SAC curve at its minimum point✓
- 4The highest cost SAC curve
Correct answer
The optimum scale SAC curve at its minimum point
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