Average Fixed Costs

question 61

Multiple Choice

Average fixed costs

• A) will remain unchanged as output expands.
• B) are defined as the change in total costs divided by the change in output.
• C) will always increase as output increases.
• D) will always decrease as output expands.

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Definitions:

Exchange Rate

The price of one currency in terms of another currency.

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The currency of the United Kingdom, known officially as the pound sterling, symbolized as GBP.

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The currency of Australia, used as the official legal tender in the country and its territories.

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The official currency of the eurozone, which is a monetary union of 19 of the 27 European Union member states.