Total Costs

question 33

Multiple Choice

Total costs:

• A)are fixed costs plus variable costs.
• B)include explicit and implicit costs.
• C)increase as the firm increases output.
• D)All of these describe total costs.

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Definitions:

Metric System

A decimal system of weights and measures based on the meter, liter, and gram as units of length, capacity, and weight or mass, respectively.

Drug

A substance used in the diagnosis, treatment, or prevention of diseases, capable of affecting physical or mental functions.

Space

A continuous area or expanse that is free, available, or unoccupied; also the physical universe beyond the earth's atmosphere.

Occupies

To reside in or take up space within a particular place or structure.