WAEC Economics 2014 Objective — Question 25
Question 25 of 50 from the West African Examinations Council (WAEC) Economics 2014 Objective paper, with the correct answer and a full explanation.
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The long run average cost curve is made up of several short-run
- A. marginal and average cost curves
- B. average cost curves
- C. average variable cost curvesCorrect
- D. average variable and total cost curves
Explanation
The long run average cost curve (LAC) is made up of several short-run average cost (SAC) curves. This is the reason why it is called an envelope curve.
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