Economics · Microeconomics
What does the Long-Run Average Cost (LAC) curve represent?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The maximum cost of producing at various levels of output in a specific plant
- 2The minimum possible cost of producing any given output when all inputs are variable✓
- 3The envelope curve that connects only the minimum points of all short-run average cost curves
- 4The point where the marginal cost is always minimized
Correct answer
The minimum possible cost of producing any given output when all inputs are variable
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