The correct option is (d) – the cost of electricity used in
Variable cost is a cost that varies with the level of output. In
the short-run, variable costs include labor and raw material costs
and in the long run rent, wages, and all other costs.
The correct option is (b).
A variable cost varies with production output. Variable costs
are those costs that vary depending on a company’s production
volume; they rise as production increases and fall as production
The correct option is (b) – non refundable tuition fee
Sunk costs are retrospective costs that have already been
incurred and cannot be recovered