ECON 1001: Chapter 9 (Businesses and Costs of Production)

Q: The ______ cost of any resource used to produce a good is the value or worth the resource would have in its best alternative use. a) absolute b) economic c) accounting d) explicit

b) economic why? A firm's economic costs are the sum of its explicit and implicit costs, both of which are considered opportunity costs.

Q: What is the total revenue if the economic profit is $24,000 and the economic costs are $96,000?

$120,000 why? TR = Economic profit Economic profit = total revenue - total cost Total revenue = Economic profit + total cost

question

The ______ cost of any resource used to produce a good is the value or worth the resource would have in its best alternative use.
a) absolute
b) economic
c) accounting
d) explicit

answer

b) economic

why?
A firm's economic costs are the sum of its explicit and implicit costs, both of which are considered opportunity costs.

question

Which of the following explains the concept of explicit costs?
* A firm's monetary payments to those who supply labor services, materials, fuel, and transportation services.
* A firm's monetary payments made for the use of resources owned by others.
* A firm's monetary payments that self-employed resources could have earned in their best alternative use.
* A firm's monetary payments received for the use of resources owned by the firm.

answer

* A firm's monetary payments to those who supply labor services, materials, fuel, and transportation services.
* A firm's monetary payments made for the use of resources owned by others.

question

Your company's total sales revenue for the month is $150,000; the costs to produce your products are $12,000 for rent, $6,000 for utilities, and $42,000 for employee wages. What is your accounting profit?
$108,000
$90,000
$102,000
$132,000

answer

$90,000

question

What is the total revenue if the economic profit is $24,000 and the economic costs are $96,000?

answer

$120,000

why?
TR = Economic profit
Economic profit = total revenue - total cost
Total revenue = Economic profit + total cost

question

True or false: Hourly labor, raw materials, and fuel are examples of resources a firm can easily adjust.

answer

True.

question

Which best describes economic costs?
a) Explicit plus accounting costs
b) Payments that must be made to obtain a resource
c) The lowest value attributed to a resource
d) Implicit costs

answer

b) Payments that must be made to obtain a resource

question

What is the term for the total quantity of a specific good produced?
a) Marginal product
b) Total product
c) Average product
d) Normal product

answer

b) Total product

question

_____ costs are the monetary payments a firm makes to purchase resources from others.

answer

Explicit

question

Assuming technology and production techniques are fixed and cannot change, if beyond some point of production a firm experiences declining units of additional output with each additional unit of labor input, then the firm is experiencing the effects of the law of ______.
a) diminishing marginal costs
b) diminishing returns
c) supply and demand
d) marginal utility

answer

b) diminishing returns

question

Accounting profit is what remains after a firm has paid its _______ costs.
a) opportunity
b) explicit and implicit
c) explicit
d) implicit

answer

c) explicit

question

What happens to marginal product when total product is increasing but at a decreasing rate?
a) Marginal product is positive but falling.
b) Marginal product is positive and rising.
c) Marginal product is negative and falling.
d) Marginal product is negative but rising.

answer

a) Marginal product is positive but falling.

question

If economic cost is $96,000 and total revenue is $120,000, what is the economic profit?

answer

$24,000

question

Which of the following resources can a firm easily and quickly adjust?
* Size of the factory
* Fuel
* Production-line machinery
* Raw materials
* Hourly labor

answer

* Fuel
* Raw materials
* Hourly labor

question

Which costs do not vary with changes in output?
a) Labor
b) Fixed
c) Marginal
d) Variable

answer

b) Fixed

question

What is the definition of total product (TP)?
a) The total output of a particular good less total production costs
b) The total quantity, or total output, of a particular good or service produced
c) The total output per unit of labor
d) The total additional output or added product associated with adding a unit of a variable resource to the production process

answer

b) The total quantity, or total output, of a particular good or service produced

question

A firm's insurance premiums are generally considered _____ costs.

answer

fixed

question

The law of ______ returns states that as successive units of a variable resource are added to a fixed resource, beyond some point, the marginal product will decline.
a) marginal
b) variable
c) diminishing
d) fixed

answer

c) diminishing

question

What happens to fixed costs when the level of production output reaches zero?
a) They decrease to zero.
b) They remain unchanged.
c) They become negative.
d) They double.

answer

b) They remain unchanged.

THE WHOLE POINT OF BEING FIXED!

question

What happens to marginal product when total product is increasing at an increasing rate?
a) Marginal product becomes negative.
b) Marginal product is decreasing.
c) Marginal product is staying the same.
d) Marginal product is rising.

answer

d) Marginal product is rising.

question

Which best characterizes variable costs?
a) Costs that increase when output declines and decrease when output increases
b) Costs that consider the average cost over a period of time
c) Costs that do not change with the level of output
d) Costs that change with the level of output

answer

d) Costs that change with the level of output

question

_____ cost is the sum of fixed cost and variable cost at each level of output.

answer

Total

question

_____ costs are part of the simple existence of a firm's plant and must be paid even when output is zero.

answer

Fixed

question

Which of the following is true of average fixed cost when output increases?
a) Average fixed cost stays the same as output increases.
b) Average fixed cost declines initially, reaches a minimum, and then increases.
c) Average fixed cost increases initially, reaches a maximum, and then decreases.
d) Average fixed cost declines as output increases.

answer

d) Average fixed cost declines as output increases.

why?
equation for AFC = TFC/Q, so when output gets bigger, AFC gets smaller (inverse relationship)

question

Which of the following are examples of fixed costs?
* Interest on a firm's debts
* Rental payments
* Labor
* Transportation

answer

* Interest on a firm's debts
* Rental payments

question

Average fixed cost equals total fixed cost divided by the ______.
a) amount of output
b) marginal product of labor
c) quantity of labor
d) total costs

answer

a) amount of output

question

A firm cannot avoid paying fixed costs in the _____ run.

answer

short

question

What is the average fixed cost if total fixed cost is $100, total variable cost is $50, and output is 20?
a) $80
b) $5
c) $150
d) $2,000

answer

b) $5

why?
AFC = TFC/output
100/20 = 5

question

Variable costs change with the level of _____.

answer

output

question

What is average variable cost if total variable cost is $500, total fixed cost is $100, and output is 50?
a) $10
b) $600
c) $450
d) $10.20

answer

a) $10

why?
AVC = TVC/Q

question

How is total cost calculated?
a) By dividing total fixed cost into total variable cost
b) By adding total fixed cost and total variable cost
c) By multiplying total fixed cost and total variable cost
d) By subtracting total fixed cost from total variable cost

answer

b) By adding total fixed cost and total variable cost

question

Average variable cost equals total variable cost divided by total ______.
a) revenue
b) price
c) costs
d) output

answer

d) output

question

What is meant by the phrase "spreading the overhead"?
a) As production increases, average fixed cost increases.
b) As production increases, average fixed cost declines.
c) As production increases, average variable cost always increases.
d) As production increases, average fixed cost declines and then increases.

answer

b) As production increases, average fixed cost declines.

question

Which of the following best describes the average variable cost curve?
a) It is upward sloping throughout.
b) It is downward sloping throughout.
c) It is L-shaped.
d) It is U-shaped.

answer

d) It is U-shaped.

question

How is average fixed cost determined?
a) Total fixed cost divided by opportunity cost
b) Total fixed cost divided by total variable cost
c) Total fixed cost divided by output
d) Total fixed cost divided by marginal output

answer

c) Total fixed cost divided by output

question

Total fixed cost divided by output plus total variable cost divided by the output yields which of the following?
a) Average fixed cost
b) Average total cost
c) Average variable cost
d) Average marginal cost

answer

b) Average total cost

question

Suppose the total fixed cost of a firm is $500, the total variable cost is $200, and the output produced is 5 units. The average fixed cost of the firm is ______.
a) $100
b) $140
c) $495
d) $250

answer

a) $100

why?
500/5 = 100

question

If total variable cost is $100, total fixed cost is $100, and output is 10, what is average variable cost?

answer

$10

question

What is the definition of average variable cost?
a) Total variable cost divided by change in output (Q)
b) Total variable cost divided by total fixed cost (TFC)
c) Total variable cost divided by marginal cost (MC)
d) Total variable cost divided by output (Q)

answer

d) Total variable cost divided by output (Q)

question

What is the term for the extra cost of producing one more unit of output?
a) Variable cost
b) Total cost
c) Marginal cost
d) Fixed cost

answer

c) Marginal cost

From chapter 1, marginal means extra 😉

question

Which curve first falls and then rises?
a) Average variable cost curve
b) Demand curve
c) Average fixed cost curve
d) Marginal revenue curve

answer

a) Average variable cost curve

question

What methods can be used to calculate average total cost?
* Average fixed cost plus average variable cost
* Total cost divided by output (Q)
* Total fixed cost divided by output (Q)
* Total variable cost divided by output (Q)

answer

* Average fixed cost plus average variable cost
* Total cost divided by output (Q)

question

If total cost rises from $300 to $700 when one additional unit of output is produced, what is the marginal cost?

answer

$400

question

How is marginal cost (MC) calculated?
a) By dividing the change in total cost by the change in output
b) By dividing the change in total fixed cost by the change in output
c) By dividing the change in total fixed cost by the total output
d) By dividing the change in output by the change in total cost

answer

a) By dividing the change in total cost by the change in output

question

Which of the following costs can a firm control directly and immediately?
a) Marginal costs
b) Fixed costs
c) Average variable costs
d) Total costs

answer

a) Marginal costs

question

A firm's decision whether to produce a few more or a few less units of output is a decision based on which of the following?
a) Average-cost data
b) Marginal data
c) Fixed-cost data
d) Total-cost data

answer

b) Marginal data

question

What is the marginal cost when output changes from 300 to 301 units and total cost rises from $400 to $500?

answer

$100

question

An increase in the price of labor has no effect on which cost curve?
a) Average-variable-cost
b) Average-total-cost
c) Marginal-cost
d) Average-fixed-cost

answer

d) Average-fixed-cost

question

Over what period of time can an industry and firms in that industry adjust all resource inputs used?
a) The short run
b) Both the long run and the short run
c) Neither the long run nor the short run.
d) The long run

answer

d) The long run

question

A planning curve is another term for which of the following?
a) Long run average-variable-cost curve
b) Long run average-fixed-cost curve
c) Long run average-total-cost curve
d) Long run average-marginal-cost curve

answer

c) Long run average-total-cost curve

question

What type of cost can be saved by not producing the last unit?
a) Average fixed
b) Total
c) Fixed
d) Marginal

answer

d) Marginal

question

A firm's decision about what output level to produce is typically a ______ decision.
a) coordinated
b) marginal
c) sequential
d) production

answer

b) marginal

question

What is the effect of an increase in the price of labor on the ATC, AVC, and MC curves?
a) The average-variable-cost and average-total-cost curves shift upward, and the marginal-cost curve shifts downward.
b) The average-variable-cost, average-total-cost, and marginal-cost curves shift downward.
c) The average-fixed-cost curve remains the same.
d) The average-variable-cost, average-total-cost, and marginal-cost curves shift upward.

answer

c) The average-fixed-cost curve remains the same.
d) The average-variable-cost, average-total-cost, and marginal-cost curves shift upward.

why?
Labor is a variable output, and doesn't affect fixed costs.

question

In the ____ run, firms are able to adjust all resources.

answer

long

question

Why does the law of diminishing returns not account for the U-shape of the long-run average-total-cost curve?
a) In the short run all resources and inputs are fixed.
b) In the long run all resources and inputs are variable.
c) In the short run all resources and inputs are variable.
d) In the long run all resources and inputs are fixed.

answer

b) In the long run all resources and inputs are variable.

question

What does the long-run average-total-cost curve show?
a) The maximum level of output possible in the short run at all plant sizes
b) The lowest minimum short-run average-total-cost curve at which a firm must produce to make a profit
c) The sum total of all of the short-run average-total-cost curves
d) The lowest average total cost at which any chosen output level can be produced after the firm has had time to make adjustments in plant size

answer

d) The lowest average total cost at which any chosen output level can be produced after the firm has had time to make adjustments in plant size

question

Economies of scale explain the downward-sloping part of the ______ curve.
a) long-run average-total-cost
b) long-run average-fixed-cost
c) short-run average-variable-cost
d) short-run average-total-cost

answer

a) long-run average-total-cost

question

Which of the following is an example of labor specialization?
* Assigning each worker one task instead of five or six
* Assigning each worker five or six unique tasks
* Hiring more workers in order to subdivide tasks
* Hiring fewer workers and creating fewer job classifications

answer

* Assigning each worker one task instead of five or six
* Hiring more workers in order to subdivide tasks

question

A firm's decision whether to produce a few more or a few less units of output is a decision based on which of the following?

answer

Marginal data.

question

How does labor specialization allow a worker to become more proficient?
a) It allows a worker to focus on more tasks to become a jack-of-all-trades.
b) It allows a worker to focus on fewer tasks and become more skilled in performing those tasks.
c) It refers to the process developed by unions to protect both businesses and workers from inefficient production technology.
d) It increases the number of unskilled tasks a worker is able to perform.

answer

b) It allows a worker to focus on fewer tasks and become more skilled in performing those tasks.

question

The U-shape of the long-run average-total-cost curve results from which of the following?
* Fixed labor costs
* Economies of scale
* Rising resource prices
* Diseconomies of scale

answer

* Economies of scale
* Diseconomies of scale

question

A marketing supervisor works in a small plant where she performs a range of duties. As the company grows and hires additional supervisors, she is able to spend the bulk of her time in her area of expertise. In this example, the company has increased its ______.
a) efficient capital
b) diseconomies of scale
c) division of labor
d) managerial specialization

answer

d) managerial specialization

question

What is another term for economies of scale?
a) Diseconomies of mass production
b) Economies of mass production
c) Economies of output
d) Diseconomies of scale

answer

b) Economies of mass production

question

Learning by doing contributes to a firm's ______.
a) diseconomies of scale
b) economies of scale
c) fixed costs
d) constant returns to scale

answer

b) economies of scale

question

Increased labor ______ becomes more achievable as a plant increases in size.
a) generalization
b) supply
c) specialization
d) demand

answer

c) specialization

question

Which of the following sections of a long-run average total cost curve depicts constant returns to scale?
a) The upward-sloping section
b) The downward-sloping section
c) The beginning high point of the curve
d) The flat section

answer

d) The flat section

why?
this is the range that long-run average cost doesn't change

question

Greater labor specialization has which of the following effects?
a) It increases production costs.
b) It permits workers to specialize in more varied areas, so they do not get bored.
c) It allows workers to focus on more tasks rather than fewer.
d) It eliminates the loss of time that occurs whenever a worker shifts from one task to another.

answer

d) It eliminates the loss of time that occurs whenever a worker shifts from one task to another.

question

The lowest level of output at which a firm can minimize long-run average costs is called ______.
a) minimum efficient scale
b) economies of scale
c) maximum efficient scale
d) diseconomies of scale

answer

a) minimum efficient scale

question

Start-up firms achieve ____ of scale from learning by doing and through increased specialization of labor, management, and equipment.

answer

economies

question

Which of the following result from managerial specialization?
* Decreased productivity
* Higher unit costs
* Greater efficiency
* Lower unit costs

answer

* Greater efficiency
* Lower unit costs

question

A firm grows from one to three plants. As a result, the firm's sales increase, leading to greater marketing expertise. This is an example of which of the following?
a) Slow decision making
b) Labor specialization
c) Efficient capital
d) Learning by doing

answer

d) Learning by doing

question

Which of the following illustrates constant returns to scale?
a) A firm's 10% increase in given inputs, causing a 30% increase in output
b) A firm's 10% increase in given inputs, causing a proportionate 10% increase in output
c) A firm's 10% increase in given inputs, causing a 5% increase in output
d) A firm's 10% increase in given inputs, causing a 20% increase in output

answer

b) A firm's 10% increase in given inputs, causing a proportionate 10% increase in output

question

True or false: Important determinants of an industry's structure are economies of scale and revenue.

answer

False.

why?
Important determinants of an industry's structure are economies and diseconomies of scale.

question

By using economies of scale, successful start-up firms are able to shift their short-run cost curves in which directions?

answer

Downward and to the right.

question

Learning by doing contributes to a firm's ______.
a) diseconomies of scale
b) fixed costs
c) economies of scale
d) constant returns to scale

answer

c) economies of scale

question

What three countries were originally the ones involved in NAFTA?

answer

The North American countries:
- U.S.
- Mexico
- Canada

1 of 75

question

The ______ cost of any resource used to produce a good is the value or worth the resource would have in its best alternative use.
a) absolute
b) economic
c) accounting
d) explicit

answer

b) economic

why?
A firm's economic costs are the sum of its explicit and implicit costs, both of which are considered opportunity costs.

question

answer

* A firm's monetary payments to those who supply labor services, materials, fuel, and transportation services.
* A firm's monetary payments made for the use of resources owned by others.

question

answer

$90,000

question

What is the total revenue if the economic profit is $24,000 and the economic costs are $96,000?

answer

$120,000

why?
TR = Economic profit
Economic profit = total revenue - total cost
Total revenue = Economic profit + total cost

question

True or false: Hourly labor, raw materials, and fuel are examples of resources a firm can easily adjust.

answer

True.

question

Which best describes economic costs?
a) Explicit plus accounting costs
b) Payments that must be made to obtain a resource
c) The lowest value attributed to a resource
d) Implicit costs

answer

b) Payments that must be made to obtain a resource

question

What is the term for the total quantity of a specific good produced?
a) Marginal product
b) Total product
c) Average product
d) Normal product

answer

b) Total product

question

_____ costs are the monetary payments a firm makes to purchase resources from others.

answer

Explicit

question

answer

b) diminishing returns

question

Accounting profit is what remains after a firm has paid its _______ costs.
a) opportunity
b) explicit and implicit
c) explicit
d) implicit

answer

c) explicit

question

answer

a) Marginal product is positive but falling.

question

If economic cost is $96,000 and total revenue is $120,000, what is the economic profit?

answer

$24,000

question

Which of the following resources can a firm easily and quickly adjust?
* Size of the factory
* Fuel
* Production-line machinery
* Raw materials
* Hourly labor

answer

* Fuel
* Raw materials
* Hourly labor

question

Which costs do not vary with changes in output?
a) Labor
b) Fixed
c) Marginal
d) Variable

answer

b) Fixed

question

answer

b) The total quantity, or total output, of a particular good or service produced

question

A firm's insurance premiums are generally considered _____ costs.

answer

fixed

question

answer

c) diminishing

question

What happens to fixed costs when the level of production output reaches zero?
a) They decrease to zero.
b) They remain unchanged.
c) They become negative.
d) They double.

answer

b) They remain unchanged.

THE WHOLE POINT OF BEING FIXED!

question

answer

d) Marginal product is rising.

question

answer

d) Costs that change with the level of output

question

_____ cost is the sum of fixed cost and variable cost at each level of output.

answer

Total

question

_____ costs are part of the simple existence of a firm's plant and must be paid even when output is zero.

answer

Fixed

question

answer

d) Average fixed cost declines as output increases.

why?
equation for AFC = TFC/Q, so when output gets bigger, AFC gets smaller (inverse relationship)

question

Which of the following are examples of fixed costs?
* Interest on a firm's debts
* Rental payments
* Labor
* Transportation

answer

* Interest on a firm's debts
* Rental payments

question

Average fixed cost equals total fixed cost divided by the ______.
a) amount of output
b) marginal product of labor
c) quantity of labor
d) total costs

answer

a) amount of output

question

A firm cannot avoid paying fixed costs in the _____ run.

answer

short

question

What is the average fixed cost if total fixed cost is $100, total variable cost is $50, and output is 20?
a) $80
b) $5
c) $150
d) $2,000

answer

b) $5

why?
AFC = TFC/output
100/20 = 5

question

Variable costs change with the level of _____.

answer

output

question

What is average variable cost if total variable cost is $500, total fixed cost is $100, and output is 50?
a) $10
b) $600
c) $450
d) $10.20

answer

a) $10

why?
AVC = TVC/Q

question

answer

b) By adding total fixed cost and total variable cost

question

Average variable cost equals total variable cost divided by total ______.
a) revenue
b) price
c) costs
d) output

answer

d) output

question

answer

b) As production increases, average fixed cost declines.

question

Which of the following best describes the average variable cost curve?
a) It is upward sloping throughout.
b) It is downward sloping throughout.
c) It is L-shaped.
d) It is U-shaped.

answer

d) It is U-shaped.

question

answer

c) Total fixed cost divided by output

question

answer

b) Average total cost

question

Suppose the total fixed cost of a firm is $500, the total variable cost is $200, and the output produced is 5 units. The average fixed cost of the firm is ______.
a) $100
b) $140
c) $495
d) $250

answer

a) $100

why?
500/5 = 100

question

If total variable cost is $100, total fixed cost is $100, and output is 10, what is average variable cost?

answer

$10

question

answer

d) Total variable cost divided by output (Q)

question

What is the term for the extra cost of producing one more unit of output?
a) Variable cost
b) Total cost
c) Marginal cost
d) Fixed cost

answer

c) Marginal cost

From chapter 1, marginal means extra 😉

question

Which curve first falls and then rises?
a) Average variable cost curve
b) Demand curve
c) Average fixed cost curve
d) Marginal revenue curve

answer

a) Average variable cost curve

question

answer

* Average fixed cost plus average variable cost
* Total cost divided by output (Q)

question

If total cost rises from $300 to $700 when one additional unit of output is produced, what is the marginal cost?

answer

$400

question

answer

a) By dividing the change in total cost by the change in output

question

Which of the following costs can a firm control directly and immediately?
a) Marginal costs
b) Fixed costs
c) Average variable costs
d) Total costs

answer

a) Marginal costs

question

answer

b) Marginal data

question

What is the marginal cost when output changes from 300 to 301 units and total cost rises from $400 to $500?

answer

$100

question

An increase in the price of labor has no effect on which cost curve?
a) Average-variable-cost
b) Average-total-cost
c) Marginal-cost
d) Average-fixed-cost

answer

d) Average-fixed-cost

question

answer

d) The long run

question

answer

c) Long run average-total-cost curve

question

What type of cost can be saved by not producing the last unit?
a) Average fixed
b) Total
c) Fixed
d) Marginal

answer

d) Marginal

question

A firm's decision about what output level to produce is typically a ______ decision.
a) coordinated
b) marginal
c) sequential
d) production

answer

b) marginal

question

answer

question

In the ____ run, firms are able to adjust all resources.

answer

long

question

answer

b) In the long run all resources and inputs are variable.

question

answer

d) The lowest average total cost at which any chosen output level can be produced after the firm has had time to make adjustments in plant size

question

answer

a) long-run average-total-cost

question

answer

* Assigning each worker one task instead of five or six
* Hiring more workers in order to subdivide tasks

question

A firm's decision whether to produce a few more or a few less units of output is a decision based on which of the following?

answer

Marginal data.

question

answer

b) It allows a worker to focus on fewer tasks and become more skilled in performing those tasks.

question

The U-shape of the long-run average-total-cost curve results from which of the following?
* Fixed labor costs
* Economies of scale
* Rising resource prices
* Diseconomies of scale

answer

* Economies of scale
* Diseconomies of scale

question

answer

d) managerial specialization

question

What is another term for economies of scale?
a) Diseconomies of mass production
b) Economies of mass production
c) Economies of output
d) Diseconomies of scale

answer

b) Economies of mass production

question

Learning by doing contributes to a firm's ______.
a) diseconomies of scale
b) economies of scale
c) fixed costs
d) constant returns to scale

answer

b) economies of scale

question

Increased labor ______ becomes more achievable as a plant increases in size.
a) generalization
b) supply
c) specialization
d) demand

answer

c) specialization

question

answer

d) The flat section

why?
this is the range that long-run average cost doesn't change

question

answer

d) It eliminates the loss of time that occurs whenever a worker shifts from one task to another.

question

The lowest level of output at which a firm can minimize long-run average costs is called ______.
a) minimum efficient scale
b) economies of scale
c) maximum efficient scale
d) diseconomies of scale

answer

a) minimum efficient scale

question

Start-up firms achieve ____ of scale from learning by doing and through increased specialization of labor, management, and equipment.

answer

economies

question

Which of the following result from managerial specialization?
* Decreased productivity
* Higher unit costs
* Greater efficiency
* Lower unit costs

answer

* Greater efficiency
* Lower unit costs

question

answer

d) Learning by doing

question

answer

b) A firm's 10% increase in given inputs, causing a proportionate 10% increase in output

question

True or false: Important determinants of an industry's structure are economies of scale and revenue.

answer

False.

why?
Important determinants of an industry's structure are economies and diseconomies of scale.

question

By using economies of scale, successful start-up firms are able to shift their short-run cost curves in which directions?

answer

Downward and to the right.

question

Learning by doing contributes to a firm's ______.
a) diseconomies of scale
b) fixed costs
c) economies of scale
d) constant returns to scale

answer

c) economies of scale

question

What three countries were originally the ones involved in NAFTA?

answer

The North American countries:
- U.S.
- Mexico
- Canada

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ECON 1001: Chapter 9 (Businesses and Costs of Production)

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