JAMB Economics 2014 Objective — Question 21

Question 21 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.

Rent and administrative expenses are examples of

A. variable costs
B. average fixed costs
C. average variable costs
D. fixed costCorrect

Explanation

Fixed costs are expenses on inputs that do not change with the output level, such as rent, administrative cost, and cost of equipment.

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