In the long run a firm will choose a plant size that has the:
A. Minimum of average fixed costs
B. Capacity to produce the largest quantity of the product
C. Minimum average total cost of producing the target level of output
D. Maximum level of resource use per unit of the total product of output
C. Minimum average total cost of producing the target level of output
Economics
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A point lying beyond the utilities possibilities frontier is
A) unattainable. B) efficient. C) inefficient. D) profitable.
Economics
In a mixed strategy situation, like the "heads or tails" game, the players can maximize their income by randomly choosing head or tail each with a probability of:
a. 0.25 b. 0.5 c. 0.75 d. 1.0
Economics