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Question
When a firm is at its efficient scale of operation it produces the
a. maximum rate of output at which long-run average cost is at a minimum.
b. minimum rate of output at which long-run average cost is at a minimum.
c. maximum rate of output where we have lowest long-run marginal cost.
d. minimum rate of output where we have lowest long-run marginal cost.
e. minimum rate of output where we have highest long-run marginal cost.
Answer
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