Fixed costs are

a. costs that vary with output
b. equal marginal costs
c. costs that do not vary with output
d. equal to total costs


c

Economics

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The wage rate needed to generate enough earnings to reach the 4-person poverty line is often referred to as the "working wage"

Indicate whether the statement is true or false

Economics

By connecting the cost minimizing input bundles, we get the _______________

Fill in the blank(s) with the appropriate word(s).

Economics

Economies of scale exist when:

a. long-run average costs increase as output increases. b. long-run average costs are constant. c. short-run average costs increase. d. short-run average costs decline. e. long-run average costs decline as output increases.

Economics

Refer to the above graph showing the market for a product. Which of the following could not explain the indicated increase in equilibrium price from P 1 to P 2?

An increase in consumer incomes An increase in production costs An increase in the price of a substitute product A decrease in the price of a complementary product

Economics