[amp_mcq option1=”Total cost” option2=”Fixed cost” option3=”Variable cost” option4=”Opportunity cost” correct=”option2″]<\/p>\n
The correct answer is B. Fixed cost.<\/p>\n
Fixed costs are costs that do not change in the short run, regardless of how much output is produced. Examples of fixed costs include rent, insurance, and depreciation.<\/p>\n
Total cost is the sum of fixed costs and variable costs. Variable costs are costs that change in proportion to the amount of output produced. Examples of variable costs include labor costs and raw materials costs.<\/p>\n
Opportunity cost is the cost of not doing something. For example, if you choose to go to college, the opportunity cost is the income you could have earned if you had worked instead.<\/p>\n
I hope this helps!<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”Total cost” option2=”Fixed cost” option3=”Variable cost” option4=”Opportunity cost” correct=”option2″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"class_list":["post-52241","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"\n