The total economic cost of producing a good or service is called the
a. comparative value of construction.
b. social consequence of resources.
c. marginal valuation of output.
d. opportunity cost of production.
D
Economics
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As the equilibrium price falls in a perfectly competitive market, so do firms':
A. average costs and so do their profits. B. total costs, and their profits rise. C. revenue and so do their profits. D. revenue, and their profits rise.
Economics
If the exchange rate of the Swiss franc is 1.61 francs per dollar, then the Swiss franc is worth about
A. 15 cents. B. 57 cents C. 62 cents. D. $15.70.
Economics