In the short run a firm's lowest cost level of output is the minimum point on its ________ cost curve.
A) average total
B) total variable
C) average fixed
D) marginal

Question

Quizplus · Accepted Answer

In the short run, a firm's lowest cost level of output is the minimum point on its average total cost curve. This point represents the most efficient scale of production where average total costs are minimized.

In the Short Run a Firm's Lowest Cost Level of Output