Question: Long Run Average Total Cost is defined as a. Average total cost calculated using at least 10 years of production data. b. The sum of

  1. Long Run Average Total Cost is defined as

a. Average total cost calculated using at least 10 years of production data.

b. The sum of total costs totaled across all possible plant sizes and divided by total production.

c. The minimum possible average total cost for each possible input level.

d. The minimum possible average total cost for each output level.

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