Total Cost Includes

question 51

Multiple Choice

Total cost includes:

• A) one-time expenses and ongoing expenses.
• B) one-time expenses, but not ongoing expenses.
• C) only ongoing expenses, not one-time expenses.
• D) only expenses that are variable.

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Definitions:

Price Difference

The disparity in the cost between two or more goods or services.

Long-run Equilibrium

A state in an economy or market where all factors, including prices, supply, and demand, are fully adjusted and stable over time.

Perfectly Competitive

A theoretical market structure characterized by an infinite number of buyers and sellers, identical products, and no barriers to entry or exit.

Price Equals

A statement used to define a condition where the price of a good or service is set or found.