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WAEC Economics 2019 Question 20

Question 20

Theory of Costs and Revenue

A cost of production that is positively related to output is the

  1. A.total fixed cost.
  2. B.average fixed cost.
  3. C.variable cost.
  4. D.social cost.
Show the answer and explanation

Answer: C (variable cost.)

Explanation

Variable cost rises as output rises.