Multiple Choice
When a firm is at its minimum efficient scale of operation, it produces the
A) maximum rate of output at which long-run average cost is minimized.
B) minimum rate of output at which long-run average cost is minimized.
C) maximum rate of output consistent with lowest long-run marginal cost.
D) minimum rate of output consistent with lowest long-run marginal cost.
Correct Answer:
Verified
Correct Answer:
Verified
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