What term is used to describe costs that remain fixed over a certain range of output but suddenly jump to a new higher level when output goes beyond…
CA Foundation · Business Economics · PYQS · September 2024
What term is used to describe costs that remain fixed over a certain range of output but suddenly jump to a new higher level when output goes beyond a given limit ?
Suggested Answer and Working Notes:
Correct Answer: Option (C)
C. Stair-step variable cost
Topics: Theory of Production and Cost