26. the opportunity cost of a factor of production is (1) whatit is earning in its present use (2) what it can earn in next best alternative use (3) what it can

26. The opportunity cost of a factor of production is (1) whatit is earning in its present use (2) what it can earn in next best alternative use (3) what it can earn in the long period (4) what has to be paid to retain it in its present use Which of the following is correct regarding long-run cost cur (A) It is least cost of producing each level of output (B) LAC Curve is envelope of SAC curves (C) LAC is U-shaped Choose the right answer (2) (B) and (C) only (1) (A) and (B) only (4) (A), (B) and (C) A13) (A) and (C) only 12