4. A firm may only increase its output by increasing the quantities of all types of inputs, including the plant size. 5. A cost that involve actual expenditure or actual purchases. 6. It shows the different combinations of inputs a producer can afford in producing a specific quantity of goods or services. 7. This cost involves no obvious cash outlay. It is the value of the next best use of unremunerated input
4. A firm may only increase its output by increasing the quantities of all types of inputs, including the plant size. 5. A cost that involve actual expenditure or actual purchases. 6. It shows the different combinations of inputs a producer can afford in producing a specific quantity of goods or services. 7. This cost involves no obvious cash outlay. It is the value of the next best use of unremunerated input
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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