Jacob chose to spend the afternoon swimming rather than going to the movies. any value given up from not going to the movies is the . trade-off opportunity cost marginal cost

Afirm is producing at minimum average total cost with its current plant. draw the firm's long-run average cost curve. label it. draw a point on the lrac curve at which the firm cannot lower its average total cost. draw the firm's short-run average total cost curve that is consistent with the point you have drawn. label it.g