Which of the Following Is Correct

question 93

Multiple Choice

Which of the following is correct?

• A)Although land has no production cost from society's viewpoint, rental payments are costs to individual producers.
• B)Land rent is not a cost to either society or individual producers.
• C)Although land rent is a cost from society's viewpoint, it is not a cost to individual producers.
• D)Land rent is a cost to both society and individual producers.

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Definitions:

Major Resource

A critical or primary material, finance, or personnel required to achieve an objective or task.

Competitors

Other businesses or entities that offer similar products or services within the same market, vying for the same customer base.

Firm Locating

The process businesses use to choose a site for their operations that optimizes logistical, cost, and operational efficiency.

Factor-Rating Method

A technique used in operations management and decision making that evaluates and compares various factors by assigning them scores.