Question: For the output level at which a given short-run average total cost (ATC) curve is tangent to the long-run average cost (LAC) curve, the long-run

For the output level at which a given short-run average total cost (ATC) curve is tangent to the long-run average cost (LAC) curve, the long-run marginal cost (LMC) is ____ the short-run marginal cost (SMC) curve. Multiple choice question. less than greater than equal to

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

For the output level at which a given short-run average total cost (ATC) curve is tangent to the long-run average cost (LAC) curve, the long-run marginal cost (LMC) is ____ the short-run marginal...

6. Cost-curve shifters The following graph shows the average total cost (ATC) curve, average variable cost (AVC) curve, and average fixed cost (AFC) curve for Beth's Pizza Parlor when Beth pays her...

3. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Alyssa is a professional basketball...

Question 7: Output and Costs (Chapter 11) It was also mentioned in class that in the long-run all the costs are variable, owing to the ability to alter plant sizes in the longrun (in the shortrun the...

market In the world market for copper, there are two types of copper mines: Type 1 (primarily located in North America) and Type 2 (primarily located in Asia and South America). Each type of mine...

This homework has two questions. Question 1: Short Run Your task in this question is to construct the market supply curve for primary aluminum smelting in 1993. The supply curve that you will...

In the long-run all the costs are variable, owing to the ability to alter plant sizes in the long-run (in the short-run the plant size is fixed but it is still possible to increase output in the...

It was also mentioned in class that in the long-run all the costs are variable, owing to the ability to alter plant sizes in the long-run (in the short-run the plant size is fixed but it is still...

1 please do fast. 5. Monopoly outcome versus com petition outcome Consider the daily market for hot dogs in a small city. Suppose that this market is in longrun competitive equilibrium with many hot...

Long-run competition. Much of the cost of a new smart phone is in the research and development and in building manufacturing facilities. By contrast, the marginal cost of producing another phone is...

The income statement allows cash shortfalls and cash surpluses to be predicted Cash budgeting is not required for not-for-profit sectors Accuracy is required when preparing budgets Cash budgets are...

Maxim Company reported beginning and ending total assets of $140,000 and $160,000, respectively. Its net sales for the year was $240,000. What was Maxim's asset turnover ratio?

Determine the following indefinite integral. ( 4 s 7 ) 2 d s ( 4 s 7 ) 2 d s =

s1 Hello, I need to solve the question below in the picture and I need to solve it step by step and detail, plz. Task 2 (Stress Analysis): For the beam shown, (a) Determine the normal and shear...

The average size of a farm in Indiana County, Pennsylvania, is 191 acres. The average size of a farm in Greene County, Pennsylvania, is 199 acres. Assume the data were obtained from two samples with...

(6) 6. Sketch the Bode diagram and the Nyquist plot for K (s-2) (s + 1) (s+ 10) G(s) = and determine the stability of the following system K G(s) when K goes from 0 to oo using the Nyquist stability...

Make a comparator 3 bit using basic gate (AND, OR, NOR, NAND, NOT Gate) with the criteria below: Circuit Input Output Enable Gate comparator 3 bit Active input Low Active Output High Active Enable...

Given N three-digit numbers, your task is to find bit score of all N numbers and then print the number of pairs possible based on these calculated bit score. 1. Rule for calculating bit score from...

Write a program to wish happy birthday to a student. Firstly, take today month and day as an input and secondly take birthday as an input in the form of month and day. If the input day and month...

18. In the statements below, put a cross for the statement you feel characterizes yourself best when you communicate with others. Its not necessarily the way you know you should communicate, but the...

10. What activities in your life best express the value you want others to associate with you?

7. Also complete the following sentence: This core value is important to me when I ________________________. This is the situation this core value is important to you we are looking for here.