Natural Resources,such as Iron Ore Used in Producing Finished Goods,are

question 21

Multiple Choice

Natural resources,such as iron ore used in producing finished goods,are classified as

• A)accessory equipment.
• B)supplies.
• C)raw materials.
• D)component parts and materials.

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Definitions:

Short Run

A period of time during which at least one of a firm's inputs is fixed, limiting its ability to increase production.

Long Run

A period in economics in which all factors of production and costs are variable, allowing for full adjustment to changes.

Total Revenue

Total revenue is the total income generated by a company from its sales of goods or services before any expenses are subtracted.

Total Cost

The sum of all costs incurred in the production of goods or services, including both fixed and variable costs.