Question: Which is the best statement about short-run (SR) and long-run (LR) cost functions? A. The average variable cost curve always lies above the average total

Which is the best statement about short-run (SR) and long-run (LR) cost functions? A. The average variable cost curve always lies above the average total cost curve. B. There are no economies of scale in the short run. C. The SR average cost function is always higher than the L average cost function only because of fixed inputs. D. The marginal cost functions pass through the lowest LR average total cost function or the SR average total cost function

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