________ is a cost that is independent of the quantity produced by the firm and is incurred by the firm in the short run.
A) Fixed cost
B) Economic cost
C) Variable cost
D) Average total cost

Question

Quizplus · Accepted Answer

Fixed cost is a cost that does not vary with the level of output produced by the firm in the short run. Examples include rent, property taxes, and salaries of key personnel. These costs are incurred by the firm regardless of whether it produces zero units or a large number of units.

________ Is a Cost That Is Independent of the Quantity