Which of the following is a typical example of a variable cost of production in a business firm? A. Property insurance B. Property tax C. Raw materials D. Wages paid to salaried employees
Which of the following is a typical example of a variable cost of production in a business firm? A. Property insurance B. Property tax C. Raw materials D. Wages paid to salaried employees
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 1SQP
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Question
Which of the following is a typical example of a variable cost of production in a business firm?
A. Property insurance
B. Property tax
C. Raw materials
D. Wages paid to salaried employees
Expert Solution
Step 1
Variable Cost is that cost which keeps on changing with the change in the level of output.
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