A Variable Cost of Production Is One Which _____

question 95

Multiple Choice

A variable cost of production is one which _____.

• A) does not vary with output and revenue
• B) is fixed in the short run
• C) is fixed in the long run
• D) varies with output and revenue

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Definitions:

Capitalism

An economic system in which capital goods are owned by private individuals or businesses, and the production of goods and services is based on supply and demand in the market.

Skilled Crafts

Professions or trades that require specific training or skills, often involving manual work, such as carpentry, plumbing, or electrical work.

Unskilled Crafts

Jobs or occupations that do not require a specific set of skills or extended training to perform.

AFL

The American Federation of Labor, a national federation of labor unions in the United States, established to advocate for improved wages, working conditions, and rights of workers.