The Inputs Used to Produce Goods and Services Are Called

question 173

Multiple Choice

The inputs used to produce goods and services are called

• A) Luddite factors.
• B) marginal products.
• C) labor demands.
• D) factors of production.

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Definitions:

Variable Costs

Costs that vary directly with the level of production or the volume of services provided.

Variable Costs

Variable costs are expenses that change in proportion to the activity of a business, such as costs for raw materials or production supplies.

Break-even Point

The production level or sales volume at which total revenues equal total costs, resulting in no profit or loss.

Variable Costs

Costs that vary directly with the level of production or the volume of output.