Total cost includes:

A. the amount the firm spends on all inputs that go into the production of a good or service.
B. one-time expenses and ongoing expenses.
C. forgone opportunity costs.
D. All of these are true.

Answer: D

Economics

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What will we never do in a world of scarcity?

A. Satisfy all basic human needs. B. Satisfy all basic human wants. C. Use all economic resources such that we satisfy the maximum amount of wants. D. Meet all of society’s wants.

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When the 2010 Patient Protection and Affordable Care Act is fully implemented, it will

a. set the prices (reimbursement rates) for more than 7,000 . different medical procedures. b. increase the supply of doctors and other medical services. c. increase the supply of doctors and other medical services. d. reduce the share of health care expenses paid for by a third party, which will increase the incentive of both consumers and medical providers to economize. e. All of the above are true.

Economics