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Economics · Oct / Nov 2020 · Paper 13 · Question 12

2281Firms’ costs, revenue and objectives

The table shows the total cost of firm X at each level of output. | output | total cost | |---|---| | 0 | 3 | | 1 | 5 | | 2 | 6 | | 3 | 9 | At which level of output does total variable cost exceed total fixed cost?

  1. A0
  2. B1
  3. C2
  4. D3

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Correct answer: D. 3

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