Which One of the Following Is Included in the Firm's

question 48

Multiple Choice

Which one of the following is included in the firm's societal environment?

• A) competitors
• B) economic forces
• C) resources
• D) governments
• E) special interest groups

---

Definitions:

Total Cost

Refers to the complete cost of production that includes both fixed and variable costs.

Total Revenue

The total amount of money a firm receives from the sale of its products or services, calculated by multiplying the price per unit by the number of units sold.

Economic Profits

Profits exceeding the total costs, including both explicit costs and implicit costs such as opportunity costs.

ATC

ATC, or average total cost, is the sum of all production costs divided by the quantity of output produced, encompassing both fixed and variable costs.