Economics · Microeconomics
When a firm is producing an output at which the long-run average cost (LAC) is falling, the long-run marginal cost (LMC) is ______ LAC.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1above
- 2equal to
- 3less than✓
- 4greater than
Correct answer
less than
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