The minimum efficient scale is the level of output where the short-run average-total-cost curve reaches its minimum point

When scarce resources can serve only one user at a time in sequence, which method works well for allocating the scarce resources?

A) first come, first served B) lottery C) contest D) command system

Production indifference curves bow inward toward the graph's origin because of

a. the law of diminishing returns to a single input. b. the law of diminishing marginal returns to scale. c. constant returns to scale. d. minimizing costs in the short run.