Long-run average cost curve (LAC) The locus of points representing the minimum unit cost of producing any given rate of output, given current technology and resource prices.
Long-run average cost (LRAC) curve - The curve relating the least-cost method of producing any output to the level of output when all inputs can be varied.
LONG-RUN AVERAGE COST CURVE: A curve depicting the per unit cost of producing a good or service in the long run when all inputs are variable. The long-run average cost curve (usually abbreviated LRAC) can be derived in two ways.
long-run average cost curves
long-run production function and efficiency
returns to scale and isoclines
minimum efficient scale
plant capacity ...
 See also: Long-run, Cost curve, Tip, Feedback, Perfect competition
  
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