_____ is the locus of the minimum points of various short-run average cost curves depicting different plant sizes.
A)Long-run marginal cost
B)Expansion path
C)Long-run average cost
D)Isocost

Question

Quizplus · Accepted Answer

The locus of the minimum points of various short-run average cost curves depicting different plant sizes is the long-run average cost curve. This curve shows the lowest average cost at which a firm can produce any given level of output in the long run, after all inputs are variable. Therefore, the correct option is C) Long-run average cost.

_____ Is the Locus of the Minimum Points of Various