Producing a given quantity of output at the lowest possible cost and lowest marginal cost is called: efficiency surplus. minimizing production marginal minimization. efficient production Customers would be less loyal and more price sensitive in which of the following situations? There is only one seller in the market. The switching costs are low. The market's companies sell differentiated products. Customers are aware of the prices of all sellers. When sellers in a market earn economic profits: O average costs must be falling. marginal revenue is above price. marginal cost is above average revenue. O new sellers will be attracted into the market. .
