Identify the formula of average fixed cost.

(a)

TC/Q

(b)

TVC/Q

(c)

TFC/Q

(d)

TAC/Q

_____ is the summation of explicit and implicit costs.

(a)

Sunk Cost

(b)

Prime Cost

(c)

Economic Cost

(d)

Variable Cost

____ is also called as 'Retrospective Cost'.

(a)

Floating

(b)

Sunk Cost

(c)

Economic Cost

(d)

Money Cost

AC = 

(a)

AFC-AVC

(b)

AFC+AVC

(c)

AFC x AVC

(d)

AFC/AVC

A cost incurred in the past and cannot be recovered in future.

(a)

Money cost

(b)

Social cost

(c)

Fixed cost

(d)

Sunk cost