Minimum Efficient Scale Refers to the Lowest Level of Output

question 36

Multiple Choice

Minimum efficient scale refers to the lowest level of output at which

• A) the firm can earn a profit.
• B) average cost is minimized.
• C) the firm will operate.
• D) the average cost curve is downward sloping.

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Definitions:

Functionalists

Scholars who focus on the function or purpose of societal institutions and processes for the maintenance of a society.

Structuralists

Early psychologists who analyzed the basic elements of thoughts and sensations to understand the structure of the mind.

Psychoanalysts

Professionals who practice psychoanalysis, a therapeutic technique originally developed by Sigmund Freud to explore the unconscious mind.

Fundamentalists

Individuals or groups who strictly adhere to the foundational principles of their beliefs or doctrines, often in a literal or conservative manner.