Cost refers to _____.

(a)

Price 

(b)

value

(c)

fixed cost

(d)

cost of production

Cost functions are also known as _____ function.

(a)

production

(b)

investment

(c)

demand

(d)

consumption

Money cost is also known as _____ cost.

(a)

explicit

(b)

implicit

(c)

social

(d)

real

Explicit cost plus implicit cost denote _____ cost.

(a)

social

(b)

economic

(c)

money

(d)

fixed

Explicit costs are termed as

(a)

out of pocket expenses

(b)

real cost

(c)

social cost

(d)

sunk cost

The costs of self-owned resources are termed as ____ cost.

(a)

real

(b)

explicit

(c)

money

(d)

implicit

The cost that remains constant at all levels of output is _____ cost.

(a)

fixed

(b)

variable

(c)

real

(d)

social

Identify the formula of estimating average variable cost.

(a)

TC/Q

(b)

TVC/Q

(c)

TFC/Q

(d)

TAC/Q

The cost incurred by producing one more unit of output is _____  cost.

(a)

variable

(b)

fixed

(c)

marginal

(d)

total

The cost that varies with the level of output is termed as _____ cost.

(a)

money

(b)

variable cost

(c)

total cost

(d)

fixed cost