If a firm is producing the level of output at which short-run average cost equals long-run average cost, then
A) the firm has chosen the cost-minimizing combination of inputs to produce this level of output.
B) with a fixed amount of capital, short-run average cost is greater than long-run average cost at any other level of output.
C) the firm has chosen the profit-maximizing level of output.
D) both a and b
E) all of the above

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The Answer of If a firm is producing the level of output at which short-run average cost equals long-run average cost, then
A) the firm has chosen the cost-minimizing combination of inputs to produce this level of output.
B) with a fixed amount of capital, short-run average cost is greater than long-run average cost at any other level of output.
C) the firm has chosen the profit-maximizing level of output.
D) both a and b
E) all of the above

If a Firm Is Producing the Level of Output at Which