Each point on the long-run average cost curve is a ...
a. cost of production based on a particular input price ratio. Other points on the long-run average cost curve show cost of output with alternative input prices.
b. level of average cost that is the lowest possible average cost for that level of output.
c. point on the long-run marginal cost curve as well, because the long run average cost curve and long-run marginal cost curve are always identical.
d. minimum point on some short-run average cost curve as well.