Answer the following statements true (T) or false (F)
1) If a firm is minimizing costs at its current output level, then the firm is operating at a point along the long-run average cost curve.
2) In the short-run, if a firm is minimizing costs at its current output level, then the firm is operating at a point along the long-run average cost curve.
3) The relationship between the long-run marginal cost and the long-run average cost differs from the relationship between the short-run marginal cost and the short-run average total cost.
4) If a firm's long-run average cost is equal to $2.50 over a given range of output, this means that the firm's long-run marginal cost is greater than $2.50.
5) Any shift in the short-run average total cost curve will shift the long-run average cost curve.
1) TRUE
2) TRUE
3) FALSE
4) FALSE
5) TRUE
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