To a Seller,the Cost of a Good or Service Is

question 288

Multiple Choice

To a seller,the cost of a good or service is ________,and the price is ________.

• A) what must be given up to produce the good or service; what is received for the good or service
• B) what is received for the good or service; what must be given up to produce the good or service
• C) the producer surplus the seller receives; the consumer surplus the buyer receives
• D) the producer surplus the buyer receives; the consumer surplus the seller receives
• E) None of the above answers is correct.

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Definitions:

Cash Receipt

Documented acknowledgment of the receipt of cash, typically recorded at the time cash is received from customers or other sources.