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What does the term minimumefficientscale mean? The lowest level of efficiency which a firm is capable of producing. . The lowest average cost of production
What does the term minimumefficientscale mean?
The lowest level of efficiency which a firm is capable of producing.
The lowest average cost of production for a particular size of plant.
: The smallestsize plant capable of achieving minimum longrun average cost.
The largestsize plant capable of achieving minimum longrun average cost.
: The smallest size of plant capable of producing a particular output.
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