Which of the following statements is NOT correct? The long-run total cost curve is the lower envelope of all the short-run total ost curves. O The marginal cost curve intersects average variable cost (AVC) and average total cost (ATC) at the minimum of ATC and AVC. The long-run average total cost curve must be the lower envelope of all of the firm's short-run average total cost curves. O In the short run where capital is fixed, to minimize the cost, the necessary condition is the technical rate of substitution equals to input price ratio.

Which of the following statements is NOT correct? The long-run total cost curve is the lower envelope of all the short-run total ost curves. O The marginal cost curve intersects average variable cost (AVC) and average total cost (ATC) at the minimum of ATC and AVC. The long-run average total cost curve must be the lower envelope of all of the firm's short-run average total cost curves. O In the short run where capital is fixed, to minimize the cost, the necessary condition is the technical rate of substitution equals to input price ratio.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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