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.

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Definitions:

Continuous Schedules

Work schedules or production plans that operate non-stop, typically 24 hours a day, often applied in industries that require constant operation.

Extinction

Also a term from reinforcement theory, extinction refers to the situation in which a behavior is followed by no consequences and eventually disappears.

Underpayment Inequity

A situation where a person perceives that they receive less compensation than they deserve, compared to others in similar positions.

Reduce Inputs

A cost-saving and efficiency strategy which focuses on lowering the resources (such as materials, labor, and energy) used in the production process.