1)Which of the following is most likely to be a fixed cost for a firm? A) The interest payments made on loans B) Cost of fuel for delivery scooters. C) Cost of electricity for the machines. D) Taxes on Profits. 2) The costs that does not depend on output in the short run are A) total fixed cost only. B) total variable costs only. C) total costs only. D) both total variable costs and total costs. 3) Fixed costs are A) fixed by contracts. B) fixed by law. C) fixed with respect to time. D) fixed with respect to quantity produced. 4) The formula for average variable costs is A) VC-q. B) Vc/g. C) a/VC. D) A AVC.

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