A Cost That Changes as Volume Changes,but at a Nonconstant

question 4

Multiple Choice

A cost that changes as volume changes,but at a nonconstant rate,is called a:

• A)Variable cost.
• B)Curvilinear cost.
• C)Step-wise variable cost.
• D)Fixed cost.
• E)Differential cost.

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Definitions:

Labor-Abundant

Describes economies or regions with a large workforce relative to the capital or land available.

Factor Endowments

Refers to the quantities of productive resources a country has available, including labor, land, and capital.

Trade Advantage

The benefit or edge a country, region, or business has in producing a specific good or service more efficiently than competitors.

Labor-Abundant

Describes an economy or sector that has a high availability of labor relative to capital.