Economics 0455 · IGCSE · Firms’ costs, revenue and objectives

Firms’ costs, revenue and objectives — practice question

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

  • AW = TC, X = TFC, Y = TVC
  • BW = TC, X = TVC, Y = TFC
  • CW = TFC, X = TC, Y = TVC
  • DW = TVC, X = TC, Y = TFC

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