_____________ Are Incurred Over Time,regardless of Volume,whereas _______ Fluctuate with Volume

question 85

Multiple Choice

_____________ are incurred over time,regardless of volume,whereas _______ fluctuate with volume.

• A)Fixed costs; variable costs
• B)Variable costs; fixed costs
• C)Total costs; variable costs
• D)Variable costs; total costs
• E)Marginal costs; total costs

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Definitions:

Total Cost Curve

A graphic representation showing how total cost changes with changes in the level of output or production.

Output

The amount of goods or services produced by a company, industry, or economy in a given period.

Isoquant

A curve representing all the combinations of inputs that result in the production of a certain level of output, used in the study of production theory.

Capital

The wealth, whether in money or other assets, owned or employed in business by an individual, firm, or country.