Some costs cannot be varied no matter how long the period in question is. These are called? a....

Question:

Some costs cannot be varied no matter how long the period in question is. These are called?

a. overheads.

b. total costs.

c. fixed costs.

d. variable costs.

Costs in economics:

The PF (production function) is an important concept in determining the cost of a commodity. PF gives information about the inputs used in the production. The other factor is the price of these inputs. The above two things together (PF and price of inputs) determine costs. There are SR (short-run) as well as LR (long-run) costs. The cost function is multivariate and is determined by many factors like technical advancement, prices of factors, and output.

Answer and Explanation: 1

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Cost can be differentiated on the basis of either explicit cost or implicit cost. Explicit costs are the actual costs incurred by a firm or a business...

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Fixed Costs: Definition, Formula & Examples

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Chapter 3 / Lesson 14
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What is a fixed cost? Learn the fixed cost definition and how to calculate it using the fixed cost formula. Compare fixed vs. variable costs and see fixed costs examples in business.


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