This chapter discusses many types of costs: opportunity cost, explicit costs, fixed cost, variable cost, average fixed cost, and
average variable cost. Fill in the type of cost that best completes each sentence In a pizza industry, the cost of the factory is a(n)_________ fixed cost only in the short run but not in the long run. ______ is always falling as the quantity of output increases. A cost that depends on the quantity produced is a(n) _______variable cost . The term opportunity cost ________ refers to all the things you must give up for taking some action. The term refers to costs that involve direct monetary payment by the firm. ______ is falling when marginal cost is below it and rising when marginal cost is above it.
At times, employees may engage in a Wildcat strike that is, a strike without the union's consent, or a slowdown, wherein employees report to work but intentionally decrease their productivity.
