The Costs of Inputs Supplied to the Firm by the Owners

question 95

Multiple Choice

The costs of inputs supplied to the firm by the owners of the firm are

• A) fixed costs.
• B) explicit costs.
• C) variable costs.
• D) implicit costs.
• E) economic costs.

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Definitions:

Total Output

The complete quantity of goods or services produced by an economy or firm within a specific period.

Labor Cost

The total amount of money that a business pays to its employees, a significant component of the overall production cost.

Domestic Output

The sum of all products and services generated inside a nation's boundaries.

Migration

The movement of people from one place to another with the intentions of settling, permanently or temporarily, in a new location.