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Economics · Oct / Nov 2021 · Paper 13 · Question 13

2281Firms’ costs, revenue and objectives

The diagram shows total cost (TC), total fixed cost (TFC) and total variable cost (TVC). Which costs are shown by W, X and Y?

  1. AW TC, X TFC, Y TVC
  2. BW TC, X TVC, Y TFC
  3. CW TFC, X TC, Y TVC
  4. DW TVC, X TC, Y TFC

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Correct answer: B. W TC, X TVC, Y TFC

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