SSC JE Mechanical Engineering 2017 Set 5 Paper

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Question : 65 of 200

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Which of the following is true with respect to LRAC (Long run average cost) and LRMC (Long run marginal cost)?

Both LRAC and LRMC curves are ‘U’ shaped.
Both LRAC and LRMC curves are ‘N’ shaped
LRAC curve is ‘U’ shaped and LRMC curve is ‘N’ shaped.
LRAC curve is ‘N’ shaped and LRMC curve is ‘U’ shaped.

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