"Total cost of product or service" is best described as which of the following?
A)Benefits foregone by choosing a particular alternative course of action
B)A factor that restricts production or sales of a product
C)Costs that were incurred in the past and cannot be changed
D)All costs incurred along the value chain in connection with the product or service

Question

Quizplus · Accepted Answer

The total cost of a product or service includes all costs incurred along the value chain, such as raw material costs, labor costs, marketing expenses, and overhead costs. This includes both direct and indirect costs, such as the cost of raw materials, labor, energy, transportation, warehousing, and marketing. Option A refers to opportunity cost, Option B refers to a constraint, and Option C refers to sunk costs.

"Total Cost of Product or Service" Is Best Described as Which