__________ refers to the expenditures incurred by a firm to obtain the factors of production that are needed in the process of production. a. Cost of production b. Opportunity cost c. Selling cost d. Direct cost

__________ refers to the expenditures incurred by a firm to obtain the factors of production that are needed in the process of production. a. Cost of production b. Opportunity cost c. Selling cost d. Direct cost

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: The Cost Of Production

Section: Chapter Questions

Problem 6CQQ

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

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