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| long-run average cost definitions | |||
|---|---|---|---|
| # | Definition | Sets | |
| 1 | lowest cost per unit that can be achieved for a given level of output when all factors of production, all costs, and the size of the firm and variable, but technology is constant. | 1 set | |
| 2 | a firm's what indicates the lowest average cost of producing each output when the firm's size is allowed to vary? | 1 set | |
| 3 | the lowest cost per unit that can be achieved for a given level of output when all factors of production, all costs , and the size of the firm are variable | 1 set | |