A firm's total cost of production is
a. the owners' opportunity cost
b. labor costs plus the cost of materials
c. the payments for its inputs
d. depreciation plus payments for inputs
e. taxes plus depreciation plus payments for inputs
A
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When quantity supplied is not very responsive to a change in price, supply is
A) elastic. B) unit-elastic. C) inelastic. D) income sensitive.
Economics is considered to be one of ______________ disciplines
a. natural science b. mathematical c. humanities d. social science e. fine arts
How much is the most efficient output for the firm in the graph?
The purchase of a share of stock is excluded in the calculation of Gross Domestic Product (GDP) because it
A. only represents the transfer of ownership rights. B. is an intermediate good. C. produces value added. D. is a final service and not a good.