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
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