Question: What does the term minimum efficient scale mean? Select one: a.The lowest average cost of production for a particular size of plant. b.The smallest size

What does the term minimum efficient scale mean?

Select one:

a.The lowest average cost of production for a particular size of plant.

b.The smallest size of plant capable of producing a particular output.

c.The lowest level of efficiency which a firm is capable of producing.

d.The smallest-size plant capable of achieving minimum long-run average cost.

e.The largest-size plant capable of achieving minimum long-run average cost.

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