In the long run,for any product to be viable,its price must cover which type of costs?

Question

Quizplus · Accepted Answer

In order for a product to be viable in the long run, its price must cover all costs associated with production including variable costs (costs that vary with changes in the level of production) and fixed costs (costs that remain unchanged regardless of the level of production). Full cost pricing ensures that all costs are covered, allowing the company to make a profit and remain sustainable in the long term. Mixed costs can be included in full cost pricing, but ultimately, full cost pricing is necessary for a product to be viable in the long run.

In the Long Run,for Any Product to Be Viable,its Price