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(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm experiences [ (Click to select) diseconomies of scale diminishing marginal returns increasing marginal returns b. The minimum efficient scale is the level of output produced by the smallest firm in the industry. smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain all economies of scale and minimum long-run average total cost. es c. If the long-run average total cost drops quickly to its minimum point and then rises abruptly, the industry will likely be Ocomposed of a few small firms. in a state of expansion. composed of many small firms. in a state of decline
and later rises when the firm experience diseconomies 0 IClick to select a. Long-run average total cost falls as the firm realizes diseconomies of scale increasing marginal returns economies of scale diminishing marginal returns b. The minimum efficient scale is the O level of output produced by the smallest firm in the industry smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain all economies of scale and minimum long-run average total cost. c. If the long-run average total cost drops quickly to its minimum point and then rises abruptly, the industry will likely be composed of a few small firms. in a state of expansion. composed of many small firms. in a state of decline.
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