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UI Post-UTME Economics 2023 (Model questions) Question 8

Question 8

Theory of Costs and Revenue

In the theory of cost, ________ is a straight line parallel to the output axis

  1. A.TC
  2. B.TFC
  3. C.TVC
  4. D.MC
Show the answer and explanation

Answer: B (TFC)

Explanation

Total fixed cost stays the same at every output, so its curve is horizontal.