Total costs of production include direct costs of
A)producing a good or service.
B)producing a good or service minus depreciation of capital.
C)producing a good or service plus any opportunity cost.
D)raw material only.

Question

Quizplus · Accepted Answer

Total costs of production include both direct costs and opportunity costs, which are the costs of foregone alternatives when resources are used for production.

Total Costs of Production Include Direct Costs of