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kirill115 [55]
3 years ago
8

The firm's efficient scale is the quantity of output that minimizesa. average total cost. b. average fixed cost. c. average vari

able cost. d. marginal cost.
Business
1 answer:
vlada-n [284]3 years ago
4 0

Answer: Option (a) is correct.

Explanation:

Correct option: Average Total Cost (ATC)

The firm's efficient level is the quantity of output that minimizes the average total cost. Firm's efficiency is attained at a point where price is equal to marginal cost. Hence, there is one more condition where marginal cost is equal to average total cost.

It is also a point where firm can maximize its profit and total quantity of output is also maximized at this point.

∴ At this point of maximization, firm's efficient level of quantity minimizes the average total cost.

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