A Curve Showing the Lowest Cost at Which a Firm

question 302

Multiple Choice

A curve showing the lowest cost at which a firm is able to produce a given level of output in the long run is

• A)a long-run production function.
• B)a long-run marginal cost curve.
• C)a minimum efficient scale curve.
• D)a long-run average total cost curve.

---

Definitions:

Generic

Relating to or characteristic of a whole group or class; not brand-specific or patented.

Expert Power

The influence one possesses as a result of expertise, skill, or knowledge, which others depend upon.

Transformational Leader

A leadership style characterized by the ability to inspire and motivate followers to exceed their own interests for the sake of the organization or a larger purpose.

Influence Tactics

Strategies or actions used by individuals or groups to persuade or motivate other people to follow their lead or agree with their ideas.