Variable inputs are defined as any resource that:
A. varies with the size of the firm's plant.
B. cannot be changed as output changes.
C. can be changed as output changes.
D. can be increased or decreased hourly.
Answer: C
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The figure above shows a typical perfectly competitive corn farm, whose marginal cost curve is MC and average total cost curve is ATC
Assuming there are no changes in technology, in the long run the lowest possible price for corn is ________ per bushel. A) $2.50 B) $2.00 C) $3.00 D) $3.50
When a family's income is low and it is spending more on consumption than it is receiving in income
A) the APC must be increasing. B) the APC must be equal to the ratio of planned consumption expenditure to total saving. C) the MPC must be zero. D) some segment of the consumption function curve lies above the 45-degree line, indicating dissaving.
The aggregate expenditure line shows total planned spending at each _____
a. consumption level b. investment level c. income level, holding the price level constant d. price level, holding the level of income constant e. interest rate, holding the price level constant
According to the graph shown, if this economy was to engage in free trade, the good would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. be imported.
B. be exported.
C. no longer be produced domestically.
D. not be imported or exported and only be produced domestically.