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Production at which long-run average cost is minimized

True or false:  A firm have to always produce at an output at which long-run average cost is minimized.  Describe.

It is false. In the long run, under perfect competition, firms have to produce where average costs are minimized. The long-run average cost curve is composed by finding the minimum cost at every level of output. However, in the short run the firm might not be producing the optimal long-run output. Therefore, if there are any fixed factors of production, the firm does not always generate where long-run average cost is minimized.

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