In the Short Run, Total Variable Cost

question 39

Multiple Choice

In the short run, total variable cost

• A) includes the cost of capital.
• B) is positive when output is zero.
• C) includes both the cost of capital and of labour.
• D) does not change when production changes.
• E) includes the cost of labour.

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Definitions:

School

An educational institution where students receive learning and instruction, typically in a variety of subjects.

Categorical Variable

A variable that can take on one of a limited, and usually fixed, number of possible values, assigning each individual to a particular group or nominal category.

Type Of Car

Refers to classifications of cars based on characteristics such as make, model, body style, engine size, and usage purposes.

Nominal Level

The simplest level of measurement for variables, where data can be categorized but not ranked or ordered meaningfully.