The Lowest Point on the Long-Run Average Cost Curve Represents

question 57

Multiple Choice

The lowest point on the long-run average cost curve represents _____.

• A) increasing returns to scale
• B) decreasing returns to scale
• C) minimum efficient scale
• D) supply elasticity

---

Definitions:

Adipose Tissue

Connective tissue in which fat is stored.

Sebaceous Glands

Glands in the skin that secrete sebum, an oily substance that lubricates the skin and hair.

Sweat Glands

Specialized skin glands in mammals that produce sweat, a fluid consisting primarily of water, salts, and urea, as a means of cooling the body through evaporation.

Elasticity

The ability of a material or tissue to resume its normal shape after being stretched or compressed.