Total Fixed Cost Is the Cost of

question 251

Multiple Choice

Total fixed cost is the cost of

• A) labor.
• B) production.
• C) a firm's fixed factors of production.
• D) only implicit factors of production.
• E) only explicit factors of production.

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Definitions:

Self-interest

The consideration of one's own advantages or benefits in decision making or behavior.

Productivity

The measure of efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Scientific Management

A theory of management that analyzes and synthesizes workflows, aiming to improve economic efficiency, especially labor productivity, by scientific means.

Labor Efficiency

A measure of produced output by a labor unit or units in a defined time period, indicating productivity.