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Question
The Long Run Average Cost (LAC) curve is also called ______.
Options
Fixed cost curve
Envelope curve
Demand curve
Revenue curve
MCQ
Fill in the Blanks
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Solution
The Long Run Average Cost (LAC) curve is also called Envelope curve.
Explanation:
The LAC curve is called the envelope curve because it surrounds all the short-run average cost curves and just touches them.
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