Problem
Refer to the cost curve below.
a. What is the lowest level of output at which the efficient scale of production is reached in the long run?
b. In the short run described by SRATC, what is the efficient output level?
c. When the firm is producing at the level of output described by D, will it be experiencing constant returns to scale, economies of scale, or diseconomies of scale?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.