When You Check the Accuracy of Your Understanding of Your

question 5

Short Answer

When you check the accuracy of your understanding of your partner's message by offering a summary in your own words, you are _____.

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Definitions:

Variable Inputs

Inputs whose quantities can be changed in the short term to adjust production levels, such as labor and raw materials.

Fixed Input

An input whose quantity does not change with the level of output in the short run.

Marginal Product

The additional output that is produced by using one more unit of a variable input, holding all other inputs constant.

Variable Input

An input in the production process that varies with the level of output, such as labor or raw materials.