LGCSE Agriculture (0179) Practice Questions - Lesotho General Certificate Of Secondary Education - Agriculture (Syllabus 0179) Exam

In farm business terms, what is a fixed cost?

A cost that does not change with short-run output level, such as permanent labour or loan interest A cost that rises and falls exactly with each extra unit of produce sold The market price received for one kilogram of wool The difference between total revenue and total variable cost only

Correct Answer:

A cost that does not change with short-run output level, such as permanent labour or loan interest

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