Each point on the long-run average cost curve is a …
1. minimum point on some short-run average cost curve as well.
2. level of average cost that is the lowest possible average cost for that level of output.
3. 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.
4. 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.