What Is a Variable

question 7

Multiple Choice

What is a variable?

• A) an exact listing of steps a researcher takes when collecting data
• B) a factor that does not change and remains consistent
• C) an element that the experimenter expects to change
• D) an observation that has been replicated many times with the same result

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Definitions:

Variable Factors

Inputs to production that can be adjusted in the short term, such as labor and raw materials.

Fixed Costs

Expenses that do not change with the level of output, such as rent or salaries.

Average Total Cost

The total cost of production divided by the quantity of output produced, representing the per unit cost of production.

Marginal Cost

The enhancement in overall pricing due to the generation of an extra unit of a good or service.