Minimum Efficient Scale Is

question 16

Multiple Choice

Minimum efficient scale is:

• A)the lowest level of efficiency the firm can achieve.
• B)the highest level of output the firm can achieve.
• C)the lowest level of long-run average cost.
• D)the smallest quantity at which the long-run average cost achieves a minimum.

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Definitions:

Photosynthesis

How green plants and select organisms convert sunlight into nutrients using carbon dioxide and water.

Trophic Level

The position an organism occupies in a food chain or food web, categorized by how the organism obtains energy and nutrients, starting with producers at the base and various levels of consumers above.

Producers

Organisms in an ecosystem that convert energy from the sun or chemicals into food through photosynthesis or chemosynthesis.