The Difference Between Fixed Cost and Variable Cost
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This chapter discusses many types of costs: opportunity cost, total cost, fixed cost, variable cost, average total cost, and marginal cost. Fill in the type of cost that best completes each sentence: a. What you give up in taking some action is called the . b. is falling when marginal cost is below it and rising when marginal cost is above it. c. A cost that does not depend on the quantity produced is a(n) . d. In the ice-cream industry in the short run, includes the cost of cream and sugar bu
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