Examlex
Select the statement that is most correct.
Unit Cost
The amount a company spends to create, store, and market one instance of a certain product or service.
Least-Cost Combination
The least-cost combination is an economic principle that refers to the mix of factors of production that minimizes costs for a given level of output.
Resources
Inputs used in the production of goods and services, such as labor, capital, land, and entrepreneurship.
Output
The total amount of goods or services produced by a company, industry, or economy over a specific period of time.
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