Which of the following statements accurately describe the principles of cost minimization in firms? Select all that apply.

Cost minimization in firms means that a company aims to produce goods or services at the lowest possible cost while still meeting quality standards. This involves finding the best combination of resources, like labor and materials, to keep expenses down. For example, if a bakery wants to sell bread, it might choose to buy flour in bulk to save money rather than purchasing small amounts frequently. Firms also look at their production processes to eliminate waste and improve efficiency, which helps reduce costs further. Ultimately, the goal is to maximize profits by keeping costs as low as possible while still delivering a good product to customers.