________ Are Generally Independent of the Volume of Units Produced

question 21

Multiple Choice

________ are generally independent of the volume of units produced and sold.

• A) Fixed costs
• B) Variable costs
• C) Profits
• D) Average cost

---

Definitions:

Budget Constraint

A representation of all the combinations of goods and services that a consumer may purchase given current prices within his or her given income.

Slope

A measure of the steepness or gradient of a line, representing the ratio of the vertical change to the horizontal change between two points on the line.

Price

The financial cost associated with acquiring a good, service, or asset.

Income

Funds obtained regularly from work performed or investments made.