Open Standards Refers to

question 84

Multiple Choice

Open standards refers to

• A)standards not owned by any company.
• B)standards used by all countries.
• C)standards that are free to all parties.
• D)software programs running on different types of operating systems.

---

Definitions:

Total Fixed Cost

The sum of all costs that remain constant regardless of the level of production or output in the short run, such as rent or salaries.

TFC

Total Fixed Cost, which refers to the sum of all costs that do not change with the level of output produced by a firm.

Techniques of Production

The methods and processes used in the transformation of inputs into outputs by firms in the production of goods and services.

Price of Output

The amount of money that a producer receives for selling one unit of a product or service in the market.