In the short run a firm's lowest cost level of output is the minimum point on its ________ cost curve.

A) average total
B) total variable
C) average fixed
D) marginal

Lowest Cost Level

The point at which a business can produce its goods or services at the minimum possible cost.

Average Total

The sum of all the costs of production (fixed and variable) divided by the total quantity produced; often referred to as average total cost.