Total Fixed Costs

question 61

Multiple Choice

Total fixed costs:

• A) vary as output varies.
• B) are zero when the output is zero.
• C) are the costs that do not vary with the output.
• D) are the costs that increase with output.

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Definitions:

Dominant Strategies

A strategy in game theory that yields the best outcome for a player, no matter what the other players do.

Pollute

To contaminate the natural environment with harmful or poisonous substances, adversely affecting air, water, soil, and ecosystems.

Constant-Sum Game

A situation in game theory where the total gains and losses among participants are distributed equally, so that the sum of benefits and losses is constant.

Dominant Strategies

In game theory, these are strategies that result in the best outcome for a player, no matter what the other players do.