The "least-cost combination of resources" to produce a given amount of output means that the output is produced at the lowest
A)ATC for that output.
B)MC for that output.
C)P of that output.
D)TR of that output.

Question

Quizplus · Accepted Answer

The "least-cost combination of resources" to produce a given amount of output means that the output is produced at the lowest Average Total Cost (ATC) for that output. This involves minimizing the cost of production inputs to achieve cost efficiency while maintaining the desired level of output.

The "Least-Cost Combination of Resources" to Produce a Given Amount