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Explain the relationship between the short-run average total cost and the long-run average cost. (Select all that apply.) A. The short-run average total cost (ATC)

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Explain the relationship between the short-run average total cost and the long-run average cost. (Select all that apply.) A. The short-run average total cost (ATC) curve is the minimum average cost given the fixed inputs. B. The long-run average cost (LAC) is the maximum average cost to produce any quantity when all inputs are variable. C. The long-run average cost (LAC) curve cuts the short-run average total cost (ATC) curve at its minimum. ) D. There is a short-run average total cost (ATC) curve tangent to every point on the long-run average cost (LAC) curve

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