Land

question 41

Multiple Choice

Land

• A) is a nonrenewable resource.
• B) has an elastic supply but not perfectly elastic.
• C) is the only factor of production that is not traded in a market.
• D) has a perfectly inelastic supply.
• E) has a perfectly elastic supply.

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Definitions:

Cost of Goods Sold

Cost of goods sold (COGS) is the direct costs attributable to the production of the goods sold in a company, including materials and labor costs.

Total Manufacturing Costs

The complete sum of expenses related to producing goods, including labor, materials, and overhead.

Cost of Goods Manufactured

The total cost incurred by a company to produce goods in a specific period, including materials, labor, and overhead.

Overhead Account

An accounting category used to record all indirect costs associated with the production process, such as utilities, rent, and administrative expenses.