A Cost That Has Both a Fixed and Variable Component

question 58

Multiple Choice

A cost that has both a fixed and variable component is called a:

• A) step-fixed cost.
• B) step-variable cost.
• C) semivariable cost.
• D) discretionary cost.

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Definitions:

Real GDP Per Person

A measure of the economic output of a country per individual adjusted for inflation, reflecting the average living standards.

Productivity

The measure of output per unit of input, reflecting the efficiency with which factors of production are utilized.

Productivity

A measure of the efficiency of production, often expressed as the ratio of outputs to inputs in the production process.

Real GDP Per Person

An economic metric that measures the value of all goods and services produced within a country in a specified period, adjusted for inflation and divided by the population.