Q360
In the long run, normal profits are included in the _____ curve
A.
LAC
AnswerB.
LMC
C.
AFC
D.
SAC
Answer: Option A
Solution
Answer: Option A
Solution:
In the long run, normal profits are included in the LAC curve. Long run average cost (LAC) can be defined as the average of the LTC curve or the cost per unit of output in the long run.