When a firm is operating at its minimum efficient scale, its
a. short-run average total cost of production is minimized
b. long-run marginal cost of production is minimized
c. long-run average cost of production is minimized
d. long-run profit is maximized
e. profit is at a maximum
C
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Diminishing marginal product first sets in at the minimum point of the
a. ATC curve. b. AVC curve. c. AFC curve. d. MC curve.
What are the two effects of a change in a price that a consumer experiences?
a. the income effect and the budget effect b. the complement effect and the substitute effect c. the price effect and the preference effect d. the income effect and the substitution effect
According to the text, the Fed and other policymakers are concerned about:
A. inflation rates that are too high only. B. inflations rates that are too low only. C. inflation rates that are either too high or too low compared to its set target. D. annual inflations rates that exceed 10%.
The lack of investment in developing countries is at least in part attributable to:
A. high levels of foreign aid. B. low levels of domestic savings. C. inappropriate education. D. overpopulation.