A ﬁrm is said to be cost eﬃcient if it produces output at the level where _____.

Name: A ﬁrm is said to be cost eﬃcient if it produces output at the level where _____.
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Question

Quizplus · Accepted Answer

A firm is considered cost efficient when it produces output at the level where its short-run average total cost is at its minimum. This is because at this point, the firm is utilizing its resources in the most efficient manner possible, minimizing costs per unit of output.

A ﬁRm Is Said to Be Cost Eﬃcient If It