A Firm's Total Fixed Cost (TFC) Is a Cost

question 351

Multiple Choice

A firm's total fixed cost (TFC) is a cost

• A) it is certain ("fixed") that the firm must pay.
• B) that does not change as output changes.
• C) that is dependent on marginal cost.
• D) that is paid in only the long run.

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Definitions:

Ethical Relativism

The belief that moral standards vary between individuals, cultures, or situations and that there are no absolute universal moral standards.

Self-Preservation

The protection of oneself from harm or destruction, often considered a basic instinct in humans and animals.

Situational Ethics

is an ethical framework suggesting that the rightness or wrongness of an action depends on the specific context, rather than on universal moral laws.

Ethical Relativism

The belief that moral principles are not absolute but vary with cultural, societal, or personal circumstances.