Q: Identify the correct definition of Long Run Marginal Cost (LRMC) from the following.
- A. The change in total cost per unit of change in output
- B. The change in average expense per unit of change in output
- C. The change in marginal cost per unit of change in input
- D. The change in total expense per unit of change in input
Correct Answer:
Option A - Long run marginal lost curve is defined as the additional cost of producing an extra unit of output in the long run i.e. when all inputs are variable.
A. Long run marginal lost curve is defined as the additional cost of producing an extra unit of output in the long run i.e. when all inputs are variable.
Explanations:
Long run marginal lost curve is defined as the additional cost of producing an extra unit of output in the long run i.e. when all inputs are variable.Address
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