Which of the following is true with respect to LRAC (Long Run Average – McqOptions

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1.	Which of the following is true with respect to LRAC (Long Run Average Cost) and LRMC (Long Run Marginal Cost) ?
A.	Both LRAC and LRMC curves are 'U' shaped.
B.	Both LRAC and LRMC curves are 'N' shaped.
C.	LRAC curve is 'U' shaped and LRMC curve is 'N' shaped.
D.	LRAC curve is 'N' shaped and LRMC curve is 'U' shaped.
Answer» B. Both LRAC and LRMC curves are 'N' shaped.

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