5 Questions
Which of the following is a determinant of short-run cost?
Level of output
Which type of cost refers to the cost of attracting a resource from its next best alternative use?
Opportunity cost
Which of the following is a type of cost?
Controllable cost
What does Total Fixed Cost (TFC) represent?
Cost of production remains constant whatever the level of output
Which of the following is a determinant of economic cost?
Levels of capacity utilization
Test your knowledge of cost analysis and cost theory with this quiz. Topics include economic cost, cost determinants, level of output, price of input factors, and more. Put your skills to the test and see how well you understand the factors that affect costs in business.
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