Costs of production are determined
A. by the technologies that are available and by input prices.
B. by the technologies that are available and by the demand for the output.
C. only by the input prices that are available.
D. only by the technologies that are available.
Answer: A
Economics
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What will be an ideal response?
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Which of the following distinctions does not help to explain the difference between relevant and irrelevant cost?
A) historical vs. replacement cost B) sunk vs. incremental cost C) variable vs. fixed cost D) out-of-pocket vs. opportunity cost E) All help to explain the difference.
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