If the Long-Run Average Cost Curve Is U-Shaped, the Optimal

question 120

Multiple Choice

If the long-run average cost curve is U-shaped, the optimal scale of production from society's viewpoint is

• A)the minimum efficient scale.
• B)where maximum economic profit is earned by producers.
• C)where firm profit is large enough to finance research and development.
• D)one which guarantees economic profit.

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Definitions:

Sociobiologists

Scientists who study the biological basis of social behavior in animals and humans, often focusing on the evolutionary aspects.

Sexual Strategies

Theories or behaviors adopted by individuals to attract mates and ensure reproductive success.

Critics

Individuals who evaluate or analyze the merits and faults of artistic, literary, or performance works.

Sociobiology

A field of study that examines social behavior from an evolutionary perspective, focusing on how behavior has been shaped by natural selection.