Question

what are factors of production?
alternative methods to combine resources for production.
revenue generated by selling firm products.
resources like labor and capital used to produce outputs.
fixed inputs that remain constant in the long run.
costs that vary with increasing output levels.
question 11
what does fixed cost represent?
the cost of inputs that do not change with production level.
revenue divided by total production.
the opportunity cost of owned resources.
the cost of variable inputs per unit produced.
costs that increase proportionately with inputs.
question 12
what are implicit costs?
costs that vary with production output.
costs associated with depreciation and fixed assets.
out - of - pocket payments for labor and capital.
opportunity cost of resources already owned by the firm.
the lowest possible cost at optimal scale.

Explanation:

Factors of production are the resources used to produce goods and services, such as labor and capital. Fixed costs are expenses that do not change with the level of production. Implicit costs are the opportunity - costs of resources already owned by the firm.

Answer:

Question 10: Resources like labor and capital used to produce outputs.
Question 11: The cost of inputs that do not change with production level.
Question 12: Opportunity cost of resources already owned by the firm.