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Question
The long-run average total cost curve passes through points of
The long-run average total cost curve passes through points of
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Solution
The correct option is D minima
The long-run average total cost curve passes through the points of minimum short-run average total cost. This happens because in the long run, firms have flexibility and can choose to operate on these points of minimum cost.
The long-run average total cost curve passes through the points of minimum short-run average total cost. This happens because in the long run, firms have flexibility and can choose to operate on these points of minimum cost.
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