A Firm's Efficient Scale of Production Is the Output at Which

question 125

Multiple Choice

A firm's efficient scale of production is the output at which its

• A) marginal cost is at a minimum.
• B) average total cost is at a minimum.
• C) profit is maximized.
• D) marginal revenue is at a maximum.
• E) marginal revenue equals marginal cost.

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Definitions:

Instance Variables

Variables defined in a class for which each instantiated object of the class has a separate copy, or instance.

Code Reuse

The practice in software development of using existing code for a new function or a different purpose to increase productivity and improve quality.

Super Class

In object-oriented programming, the class from which a subclass inherits properties and methods.

Base Class

A base class, also known as a superclass, is a class that is being inherited from by another class (subclass).