Which of the following statements best describes the relationship between long run and short run cost curves? Long run cost curves and short run cost curves are not related. For long run cost curves, all inputs are variable but for short run cost curves, the amount of capital is held constant. Long run cost curves are flatter than short run cost curves. Long run cost curves are higher than short run cost curves.

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Which of the following statements best describes the relationship between long run and short run cost curves?

a. Long run cost curves and short run cost curves are not related.

b. For long run cost curves, all inputs are variable but for short run cost curves, the amount of capital is held constant.

c. Long run cost curves are flatter than short run cost curves.

d. Long run cost curves are higher than short run cost curves.

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