why can the long run cost not exceed short run?????
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Explanation:
Long Run Total Costs
It is the least cost of producing a given level of output. Thus, it can be less than or equal to the short run average costs at different levels of output but never greater. In graphically deriving the LTC curve, the minimum points of the STC curves at different levels of output are joined. mark me brainliest please if you like
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In long run, firm has sufficient time to plan its input to produce output in the least costly way. Long run costs have no fixed factors of production whereas in short run, due to availability of less time, firm has no control over fixed costs.
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