MCQ
Which of the following is the variable cost for a firm?
- AInterest on loan
- ✓Wages to employees
- CMonthly rent
- DInsurance premium
✓
Answer
Correct option: B.
Wages to employees
(b) Wages to employees
Explanation: Variable costs include payments such as wages of labour employed, prices of the raw materials, fuel and power used, the expenses incurred on transporting, etc. However, wages paid to workers for their regular hours are a fixed cost. Any extra time they spend on the job is a variable cost.
Explanation: Variable costs include payments such as wages of labour employed, prices of the raw materials, fuel and power used, the expenses incurred on transporting, etc. However, wages paid to workers for their regular hours are a fixed cost. Any extra time they spend on the job is a variable cost.
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