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nakungth nakungth
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Posts: 1175
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6 years ago
Use the following statements to answer this question:
I.   The long-run average cost (LAC) curve is the envelope of the short-run average cost (SAC) curves.
II.   The long-run marginal cost (LMC) curve is the envelope of the short-run marginal cost (SMC) curves.
A) I and II are true.
B) I is true and II is false.
C) II is true and I is false.
D) I and II are false.
Textbook 
Microeconomics

Microeconomics


Edition: 8th
Author:
Read 80 times
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Replies
wrote...
6 years ago
B
nakungth Author
wrote...
5 years ago
Thanks, very pleased with your answer
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