If a firm decides to produce more of a product, its opportunity cost is
A) its marginal cost.
B) what it costs its suppliers to produce the necessary inputs.
C) its explicit plus its implicit costs.
D) what it costs society as a whole to produce the good or service.
Correct Answer:
Verified
Q1: Assume that a firm already owns a
Q2: What has to be given up to
Q4: If a firm does not include the
Q5: When counting the cost of a product
Q6: A production function shows
A) the effect of
Q7: An equation showing the output that will
Q8: The short run, as economists use the
Q9: Which of the following is a correct
Q10: The following table provides information about the
Q11: With L representing the quantity of labour,
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