Asked by
Fermit The Krog
on Nov 04, 2024Verified
Short-run costs that depend on the level of output are
A) total fixed cost only.
B) total variable costs only.
C) total costs only.
D) both total variable costs and total costs.
Short-Run Costs
Costs incurred by a firm that vary with the level of output produced, typically including both fixed and variable costs within a specific time frame.
Output Level
The quantity of goods or services produced by a firm or an economy within a given period.
Total Variable Costs
The sum of expenses that vary directly with the level of production, such as materials and labor costs.
- Assess the behavior of total variable, fixed, and cumulative costs in response to alterations in the level of output.
Verified Answer
TM
Learning Objectives
- Assess the behavior of total variable, fixed, and cumulative costs in response to alterations in the level of output.