Final answer:
Fixed costs remain constant, while variable costs change with production levels in a business.
Explanation:
Fixed costs are expenses that remain constant regardless of production levels, such as rent, salaries, utilities, and insurance. These costs do not change in the short run but can vary in the long run. On the other hand, variable costs change with the level of production, like raw materials for manufacturing an item. Understanding the distinction between fixed and variable costs is crucial for effective cost management in businesses.
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