A firm that closes down will still incur

Economics

JAMB 2022

A. variable cost
B. fixed cost
C. total cost
D. marginal cost

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Correct Answer: Option B

Explanation

A firm that shut down will earn zero revenue and its variable cost of producion is also zero, so the firm's total cost of production is equal to its fixed cost. However, the firm will still incur fixed cost.

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A firm that closes down will still incur

Correct Answer: Option B

Explanation

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