Any cost that remains unchanged as output changes represents a firm's
a. marginal cost.
b. opportunity cost.
c. fixed cost.
d. variable cost.
any cost that changes as output changes represents a firm's
a. sunk cost.
b. overhead cost.
c. fixed cost.
d. variable cost.
which of the following is most likely to be a fixed cost for a farmer?
a. wages paid to farm workers
b. cost of fertilizer
c. insurance premiums on property
d. cost of seeds
which of the following is most likely to a variable cost for a business firm?
a. property taxes
b. rent on the office building
c. interest on long-term outstanding bonds
d. cost of shipping products