In the Short Run,the Cost of ________ Is Variable,whereas the Cost

question 109

Multiple Choice

In the short run,the cost of ________ is variable,whereas the cost of ________ is fixed.

• A) capital; labor
• B) electricity; wages
• C) capital; raw materials
• D) labor; capital
• E) raw materials; labor

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Definitions:

Gross National Income

The total domestic and foreign output claimed by residents of a country, including wages, salaries, and capital gains.

Investments Abroad

Financial allocations made by individuals or corporations in foreign countries, intended to achieve profits or strategic objectives.

Glocalization

A business strategy that involves adapting products and services to fit the cultural norms, tastes, and preferences of different local markets while maintaining a global outlook.

Inexpensive Goods

Products that are available at a low cost, making them accessible to a broad range of consumers without compromising on basic quality.