Cost Minimization Is the Process of Making Optimal Use of All

question 215

Multiple Choice

Cost minimization is the process of making optimal use of all of the inputs whose quantities are

• A)set in the short run.
• B)set in the intermediate run.
• C)set in the long run.
• D)variable in the short and long run.

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Definitions:

Utilities Expense

The cost incurred by a business or household for essential services such as electricity, water, and gas.

Utility Bill

A periodic invoice received by consumers for usage of utilities such as electricity, water, natural gas, or sewage services.

Accounts Payable

Accounts Payable are obligations a company has to pay off to its creditors or suppliers within a short period, typically one year or less.

Accounts Receivable

Debt owed by customers to an enterprise for goods or services supplied but not yet settled.