A firm's total cost of production is
a. the owners' opportunity cost
b. labor costs plus the cost of materials
c. the payments for its inputs
d. depreciation plus payments for inputs
e. taxes plus depreciation plus payments for inputs
A
Economics
You might also like to view...
Which of the following statements is true?
A) Opportunity cost = explicit cost - implicit cost. B) Variable cost = wages + salaries + benefits. C) Total cost = fixed cost + variable cost. D) Total cost = fixed cost + implicit cost.
Economics
In the early 1980s many farmers, caught between falling farm prices and rising costs, went bankrupt and defaulted on their bank loans
Indicate whether the statement is true or false
Economics