Total cost includes
A) the cost of variable resources only.
B) the cost of fixed resources only.
C) the cost of both variable and fixed resources.
D) the cost of neither variable nor fixed resources.
E) all explicit costs and all the implicit costs that actually must be paid using money.
C
You might also like to view...
If an industry has a Herfindahl index of 10,000, then
A. the industry is a single firm. B. it is perfectly competitive. C. it is considered a duopoly. D. it is considered an oligopoly.
Any supplement to consumer spending that increases domestic aggregate output and income is called a leakage
Indicate whether the statement is true or false
If a firm is producing at its minimum efficient scale, increasing its output slightly will lead to diseconomies of scale
a. True b. False
The net worth of a bank is defined as the difference between
A. income and expenses. B. assets and liabilities. C. loans and deposits. D. loans and reserves.