Explain how a firm's true costs are revealed.


Explain how a firm's true costs are revealed.


In a market, the cost is one of the expenses that is bear by the producer in terms of purchase of input resources, technology, and other necessary items for the production process, while cost is also bear by the households in terms of the rice of products and services.

Answer and Explanation:

Become a Study.com member to unlock this answer!

View this answer

See full answer below.

Learn more about this topic:

Comparing Cost Classifications


Chapter 2 / Lesson 1

Costs are categorized based on their function within a business. Examine in detail the common costs accounted for in business decisions: fixed, variable, mixed, direct, indirect, production, period, opportunity, and sunk costs.

Related to this Question

Explore our homework questions and answers library