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Long-run total cost A.) represents the lowest possible total cost of producing a given level of output. B.) is always equal to or greater than
Long-run total cost
A.) represents the lowest possible total cost of producing a given level of output.
B.) is always equal to or greater than short-run total cost.
C.) is greater than short-run total cost when short-run total cost is at its minimum point.
D.) both "is always equal to or greater than short-run total cost" and "is greater than short-run total cost when short-run total cost is at its minimum point".
E.) All of the choices are correct.
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