The level of production that minimizes long-run average total costs is referred to as the:
A) technically efficient level of production.
B) economically efficient level of production.
C) minimum efficient level of production.
D) minimum profitable level of production.

Question

Quizplus · Accepted Answer

The minimum efficient level of production is the level at which long-run average total costs are minimized, indicating the most cost-effective scale of production.

The Level of Production That Minimizes Long-Run Average Total Costs