To a seller,the cost of a good or service is ________,and the price is ________.
A) what must be given up to produce the good or service; what is received for the good or service
B) what is received for the good or service; what must be given up to produce the good or service
C) the producer surplus the seller receives; the consumer surplus the buyer receives
D) the producer surplus the buyer receives; the consumer surplus the seller receives
E) None of the above answers is correct.

Question

Quizplus · Accepted Answer

To a seller, the cost of a good or service is what must be given up to produce it, such as resources, labor, and overhead costs. The price, on the other hand, is what is received for the good or service, which is often higher than the cost to make a profit.

To a Seller,the Cost of a Good or Service Is