Total cost can be defined as:
A. the amount that an individual spends on all normal goods and services within a specified period of time.
B. the amount that a firm spends on all inputs that go into producing a good or service.
C. the amount that a firm receives from the sale of goods and services.
D. None of these is correct.
Answer: B
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Keith is a perfectly competitive carnation grower. The market price is $2 per dozen carnations. Keith's average total cost to grow carnations is $2.50 per dozen. In the long run, Keith will
A) raise his price to more than $2.50 per dozen carnations. B) raise his price to $2.50 per dozen carnations. C) exit the industry if the price and his costs do not change. D) incur an economic loss. E) continue to make an economic profit.
If the local airport decides to pay monetary compensation to the people on whom the airport's operation has imposed costs, it should compensate the people who
A) currently live nearby. B) currently live nearby and are also tenants. C) currently live nearby and also own the residences in which they live. D) owned nearby residences when the airport was built. E) owned nearby residences when the airport was built and who have not been able to sell their residences since the construction of the airport.
The interest rate:
A. is expressed as a percentage per dollar borrowed and per unit of time. B. tells us how much less money is worth today than in the future. C. exists only because lending is risky. D. All of these statements are true.
Excess reserves equal total reserves plus required reserves
a. True b. False Indicate whether the statement is true or false