WAEC - Economics (2008 - No. 15)
Which of the following is regarded as fixed cost?
expenditure on raw materials
expenditure on fuel
expenditure on power
rent on land
Vysvětlení
A fixed cost is a cost that does not change with an increase or decrease in the number of goods or services. From the above options, rents paid on land is the only cost that does not change at different production levels.