Cost Of Production and Concept of Revenue — Economics STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsCost Of Production and Concept of Revenue1 Mark
Question
What do you mean by fixed cost? How is the fixed cost curve?
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Answer
In a short period $($run$),$ the production may increase, decrease or become zero i.e. no production, but the cost would remain same. Such a type of cost is called the fixed cost. Fixed cost is also known as overhead cost. The fixed cost curve is parallel to $X$-axis.
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