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Economics (AS & A Level) · Oct / Nov 2025 · Paper 33 · Question 7

9708Types of cost, revenue and profit, short-run and long-run production

The diagram shows the long-run total cost (LRTC) curve of a firm. [diagram: LRTC curve with costs on vertical axis and output on horizontal axis, points W, X, Y, Z marked on output axis] At which output is the long-run average total cost at its minimum?

  1. AOW
  2. BOX
  3. COY
  4. DOZ

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Correct answer: C. OY

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