Table 7-4
-To determine total cost, the business owner must know
A)input quantity and output price.
B)output quantity and output price.
C)output quantity and input price.
D)input quantity and input price.

Question

Table 7-4  
-To determine total cost, the business owner must know
A)input quantity and output price. 
B)output quantity and output price. 
C)output quantity and input price. 
D)input quantity and input price.

Quizplus · Accepted Answer

To determine total cost, a business owner needs to know the input quantity and input price, as total cost is calculated by multiplying the quantity of inputs used by their respective prices.