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What does the term minimum efficient scale mean? Select one: a.The lowest average cost of production for a particular size of plant. b.The smallest size
What does the term minimum efficient scale mean?
Select one:
a.The lowest average cost of production for a particular size of plant.
b.The smallest size of plant capable of producing a particular output.
c.The lowest level of efficiency which a firm is capable of producing.
d.The smallest-size plant capable of achieving minimum long-run average cost.
e.The largest-size plant capable of achieving minimum long-run average cost.
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