When we say the cost of production is $50, what is meant according to economic principles? a. A firm had to spend...

When we say the cost of production is $50, what is meant according to economic

principles?

a. A firm had to spend $50 in order to purchase the resources required to make the

good or service. 

b. A value to society of this good or service was $50, so its cost is said to be $50. 

c. A firm could have made something else with the resources that was worth $50 in 

the market. 

d. $50 represents the maximum willingness to pay from market participants.