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MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 8 CONCEPTS OF COST1 Mark
Question
What is meant by fixed cost?
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Answer

Fixed cost is the cost (or expenditure) incurred on the purchase (or hiring) of fixed factors (inputs) of production, like plant and machinery.

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