Multiple Choice
What does the term "minimum efficient scale" mean?
A) The smallest size a firm can be in order to minimize both short-run and long-run average costs.
B) The smallest size a firm can be in order to minimize short-run marginal cost.
C) The smallest size a firm can be in order to minimize short-run average cost.
D) The smallest size a firm can be in order to minimize long-run marginal cost.
E) The smallest size a firm can be in order to minimize both short-run and long-run marginal cost.
Correct Answer:
Verified
Correct Answer:
Verified
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