The term "fixed cost" refers to the cost a firm incurs to produce a specific fixed quantity of output.

Name: The term "fixed cost" refers to the cost a firm incurs to produce a specific fixed quantity of output.
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Fixed costs are expenses that do not change with the level of output produced, such as rent or salaries, and are incurred regardless of the quantity of output.

The Term "Fixed Cost" Refers to the Cost a Firm