The minimum efficient scale of production is the level of production required for the
A. variable cost curve to reach its minimum.
B. average cost curve to reach its minimum.
C. long run average curve to reach its minimum.
D. marginal cost curve to reach its minimum.
Answer: C
You might also like to view...
Traditional classical economists believe that: a. wage rates are perfectly flexible. b. people do not have perfect information about the economy. c. prices are fixed for long periods of time. d. the price of resources, technology, and expectations cannot influence the equilibriumlevel of real GDP
e. changes in aggregate demand change only the real GDP.
Which of the following is correct?
a. Keynesians believe there is an indirect link between changes in a nation's money supply and changes in expenditures. b. Monetarists believe there is an indirect link between changes in a nation's money supply and changes in expenditures. c. Keynesians believe there is a direct link between changes in a nation's money supply and changes in expenditures. d. Monetarists believe there is no short-term link between changes in a nation's money supply and changes in expenditures. e. Keynesians believe there is no short-term link between changes in a nation's money supply and changes in expenditures.