The Least-Cost Rule for Firms States That in the Long

question 106

Multiple Choice

The least-cost rule for firms states that in the long run,firms will

• A)produce output at the point where ATC is minimized
• B)produce output at the point where MC is minimized
• C)minimize variable costs
• D)choose the output level with the lowest TC
• E)choose the lowest-cost input combination for any output level

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Definitions:

Decision-making Skills

The ability to select between two or more alternatives to reach the best outcome in the shortest time.

Monitoring Behavior

Observing and checking the progress or quality of (someone's or something's) actions over a period of time.

Parent-child Relationship

The dynamic and interpersonal connection between a parent and their child, characterized by varying degrees of love, conflict, care, and communication.

Adolescence

The transitional stage of physical and psychological development that generally occurs during the period from puberty to legal adulthood.