Minimum Efficient Scale Is Defined as

question 162

Multiple Choice

Minimum efficient scale is defined as

• A) the lowest output level at which long-run average costs are at their minimum.
• B) the amount of labor that maximizes the marginal product of labor.
• C) the point at which marginal cost, average variable cost, and average fixed cost are all equal.
• D) the point at which economies of scale are at their maximum.

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Definitions:

Sensation Seeking

A personality trait defined by the search for experiences and feelings that are varied, novel, complex, and intense, and the willingness to take physical, social, legal, and financial risks for the sake of such experiences.

Risks

The potential for losing something of value or the possibility of an unfavorable outcome.

Sensation Seeking Behavior

A trait characterized by the search for experiences and feelings that are varied, complex, novel, and intense.

Age

The length of time that a person or organism has been alive or a thing has existed.