When the Size of the Production Is the Most Efficient

question 72

Multiple Choice

When the size of the production is the most efficient:

• A) total cost is at the minimum.
• B) average cost is at the minimum.
• C) marginal cost is at the minimum.
• D) fixed cost is at the minimum.

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Definitions:

Deficiency Motives

Drives that arise from the lack of fundamental psychological or physiological needs.

Hierarchy Of Needs

A theory proposed by Abraham Maslow suggesting that human needs are arranged in a hierarchical order, with basic physical needs at the bottom and self-actualization at the top.

Growth Needs

Higher level psychological needs for personal development, self-fulfillment, and realizing one's potential, often associated with Maslow's hierarchy of needs.

Need Hierarchy

A rephrased definition of Maslow's Hierarchy, emphasizing the organization of human needs into levels, with foundational necessities being addressed before higher, psychological, and self-fulfillment needs.