Total cost includes:
A. one-time expenses and ongoing expenses.
B. forgone opportunity costs.
C. the amount the firm spends on all inputs that go into the production of a good or service.
D. All of these are true.
D. All of these are true.
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All of the following reduce the transaction costs for consumers EXCEPT
A) eBay. B) a shopping mall. C) the Supreme Court decisions regarding the Second Amendment. D) a grocery store.
The owner of the local "Fatty Foods" chain of restaurants is thinking about retiring. He has two options: he can hire salaried managers for his stores or franchise them to local entrepreneurs. If the owner believes that there are high costs to monitoring the stores after he retires, what should he do?
a. Let the stores stay company stores b. Sell them off as franchises c. Shut down the business completely d. Never retire
The saying "Money is a veil.". means that
a. while nominal variables are the first thing we may observe about an economy, what's important are the real variables and the forces that determine them. b. money is the principal medium of exchange in most economies. c. the primary determinant of short-run economic fluctuations is not real variables, but rather changes in the money supply. d. in the long run money is of no importance to the determination of either real or nominal variables.
In general we note that inflation:
A. hurts everyone in the economy the same. B. always decreases purchasing power. C. hurts everyone in the economy whenever it occurs. D. has very real costs associated with it.