The minimum efficient scale for a firm is the
a. lowest rate of output at which long-run average cost is at a minimum
b. lowest rate of output at which short-run average total cost is at a minimum
c. lowest rate of output at which short-run average variable cost is at a minimum
d. average of the rates of output at which long-run average cost is at a minimum
e. average of the rates of output at which short-run average total cost is at a minimum
A
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Examine the following statements and determine if they are normative or positive in nature. Explain your answer
a. The U.S. automotive industry registered its highest growth rate in 5 years in 2012; U.S. auto sales increased by 13% compared to 2011 . b. The U.S. government should increase carbon taxes to control emissions that cause global warming.
If actual inflation is less than expected inflation, what is the relationship between the actual real wage and the expected real wage?
A) The actual real wage is higher than the expected real wage. B) The actual real wage is lower than the expected real wage. C) The actual real wage is equal to the expected real wage. D) The relationship between the actual real wage and the expected real wage cannot be predicted.