MCQ
Choose the correct statement
- AIn the long run, all the factors are fixed
- ✓The LAC curve is called an envelope curve.
- CLAC is equal to the long-run total cost
- DLAC curve cannot be derived from short-run cost curves
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| a) | Gross profit | 1) | Total revenue - Total cost | |
| b) | Net profi | 2) | Gross profit - Implicit cost | |
| c) | Normal profit | 3) | Minimum expected return | |
| d) | Super normal profit | 4) | Actual profit - Normal profit | |
| a) | Storage | 1) | Internet |
| b) | Display | 2) | |
| c) | Transmission | 3) | Pendrive |
| d) | Exchange | 4) | Projector |