At the long-run quantity of output, where the LRATC curve is at its lowest point

Question

At the long-run quantity of output, where the LRATC curve is at its lowest point, it is tangent to the ________ of the corresponding short-run average total cost curve. A. minimum B. maximum C. right of the minimum D. left of the minimum 2. At quantities greater than the long-run least per-unit cost quantity of output, the long-run average total cost curve is tangent to the ________ of the corresponding short-run average total cost curve. A. minimum B. maximum C. right of the minimum D. left of the minimum 3. The slope of a long-run average total cost curve exhibiting diseconomies of scale is: A. zero. B. infinite. C. positive. D. negative.

Explanation / Answer

1 b 2 c 3 c

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