Which of the following is the best description of what is shown by the long-run average cost (LRAC) curve? a. the firm's average of total fixed and total variable costs at each level of output
b. the firm's total variable costs averaged for each level of input
c. the firm's total cost at each level of output
d. the firm's least expensive average total cost for any level of output

d. the firm's least expensive average total cost for any level of output

Explanation:

In the long-run, the company is expected to be able to solve whatever problems that is limiting its efficiency such that it is only able to produce at the cheapest costs possible.

The long-run average cost curve will therefore try to illustrate this by showing the least expensive average total cost for any level of output. Every point on the LRAC will be the lowest total cost associated with the level of output that it is graphed against.

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.