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If a firm increases production, then its: 1
If a firm increases production, then its:
1. variable costs rise.
2. All of these are true.
3. fixed costs stay the same.
4. total costs increase.
Expert Solution
- The answer to this question is 2. All of these are true.
1.variable costs rise.
- Variable costs are the production costs that change with the level of production. An increase in the level of production results in an increase in variable costs and a decline in the level of production results in a decrease in the variables.
3. fixed costs stay the same.
- Fixed costs are the production costs that remain unchanged regardless of the level of production. Therefore, an increase in production will leave the fixed costs unchanged.
4. total costs increase.
- Total costs incorporate both variable and fixed costs. Since variables costs will increase, the total costs will also rise as production rises.
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