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:

Inhumanity

The quality of lacking compassion or mercy; acts that are cruel and brutal.

Slave Trade

The forced transportation and sale of African people to the Americas and other parts of the world, a central element of global economic history until the 19th century.

Consent of the Governed

A political concept that suggests government's legitimacy and moral right to use state power is only justified and lawful when consented to by the people or society over which that power is exercised.

Breaking with Britain

Breaking with Britain describes the process by which the thirteen American colonies severed their political connections and allegiances to Great Britain, eventually leading to the American Revolutionary War and the establishment of the United States.