Minimum Efficient Scale Is

question 16

Multiple Choice

Minimum efficient scale is:

• A)the lowest level of efficiency the firm can achieve.
• B)the highest level of output the firm can achieve.
• C)the lowest level of long-run average cost.
• D)the smallest quantity at which the long-run average cost achieves a minimum.

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Definitions:

Health Care Quality Improvement Act

A federal statute enacted to improve the quality of medical care, largely by restricting the ability of physicians with a history of malpractice from moving to another state to escape their history.

Ordinary Care

The reasonable level of care, diligence, and judgment that a person in a particular profession is expected to exercise under specific circumstances.

Internal-Unstable

Attributes in attributing causation for an event or behavior to factors inside a person that can change, such as effort or mood.

External-Stable

An attributional pattern where success or failure is attributed to enduring factors outside an individual's control.