The sum of the expenses of a firm that is stable and does not change with the quantity of the product that is produced and sold is referred to as
A)total cost.
B)fixed cost.
C)variable cost.
D)marginal cost.
E)inelastic costs.

Question

Quizplus · Accepted Answer

Fixed cost refers to the expenses of a firm that do not change with the quantity of the product that is produced and sold. Total cost includes both fixed and variable costs, while marginal cost refers to the additional cost incurred when one more unit of output is produced. Inelastic costs are not a common economic term.

The Sum of the Expenses of a Firm That Is