Asked by
Azier Sierra
on Nov 04, 2024
Verified
Costs of production are determined
A) only by the technologies that are available.
B) only by the input prices that are available.
C) by the technologies that are available and by input prices.
D) by the technologies that are available and by the demand for the output.
Costs Of Production
The total expenses incurred in the manufacturing of a product, including raw materials, labor, and overhead.
Input Prices
The costs or expenses incurred in acquiring the raw materials and services needed to produce a product.
- Understand the significance of technology and the cost of inputs in influencing the expenses associated with production.
Verified Answer
JF
Learning Objectives
- Understand the significance of technology and the cost of inputs in influencing the expenses associated with production.