Economists have a different way of talking about costs than accountants. According to economists, which of the following statements are true? In the long run, economies of scale are always present Monopoly is a very good market structure for consumers In the long run, a firm can change any sort of cost it faces O Monopsony is a very good market structure for sellers

Economists have a different way of talking about costs than accountants. According to economists, which of the following statements are true? In the long run, economies of scale are always present Monopoly is a very good market structure for consumers In the long run, a firm can change any sort of cost it faces O Monopsony is a very good market structure for sellers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.

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Economists have a different way of talking about costs than accountants. According
to economists, which of the following statements are true?
In the long run, economies of scale are always present
Monopoly is a very good market structure for consumers
In the long run, a firm can change any sort of cost it faces
O Monopsony is a very good market structure for sellers

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A Wt WZ- W3+ W4 W5+- 1 1 + - 25 Q5 Q4 Q3 QZ MRP - MFC (MC₂) Q1 •SL VMP LABOR
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