The amount of money that the firm pays for its inputs is called:
A) marginal cost.
B) total cost.
C) variable cost.
D) fixed cost.

Name: The amount of money that the firm pays for its inputs is called: A) marginal cost. B) total cost. C) variable cost. D) fixed cost.
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Question

Quizplus · Accepted Answer

Variable cost refers to the cost of inputs that vary with the quantity of output produced by the firm. It includes the cost of raw materials, labor, and other inputs that are directly related to the level of output produced.

The Amount of Money That the Firm Pays for Its