_________ is the change in total cost per unit of change in output.

Long run Average Cost

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Long run marginal cost

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Long run total cost

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None of these

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Solution

The correct option is B Long run marginal cost
The long run marginal cost is the cost of producing one additional output. Thus the change in the total cost due to the production of one more unit is the marginal cost of that unit.

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The long-run marginal cost curve of a firm is its supply curve for the long run. State true or false.

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