Suppose That Each Worker Must Use Only One Shovel to Dig

question 102

Multiple Choice

Suppose that each worker must use only one shovel to dig a trench,and shovels are useless by themselves.In the long run,the firm's cost function is

• A) TC = (w/r) ∗ q.
• B) TC = (w + r)/q.
• C) TC = (w + r).
• D) TC = (w + r) ∗ q.

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Definitions:

Master Budget

A comprehensive financial plan for an organization that includes all of its revenue and expense accounts, combining them into a consolidated budget.

Budgeted Sales

Projected sales figures for a given period, often used for planning and forecasting purposes within a business.

Credit Sales

Transactions where the payment for the goods or services sold is to be made at a later date.

Finished Goods Inventory

Unsold inventory of products that are ready for the market.