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What test determines whether a cost is fixed or variable?
A
Total cost ÷ output.
B
Because rent does not change when output changes.
C
Total revenue and total cost.
D
Whether the cost changes when output changes.
Card 1 of 20
2.6.4 Explain cost, revenue, profit and loss Flashcards
20 flashcards on OCR GCSE Economics 2.6.4 Explain cost, revenue, profit and loss: the key terms, formulae and calculations you need to recall for Component 01 and Component 02.