Many Examples in This Chapter Indicate That There Are

question 57

Multiple Choice

Many examples in this chapter indicate that there are
Substantial ________________ as a result of
Competition and trade.

• A)environmental disasters
• B)labor shortages and strikes
• C)gains to the economy
• D)losses to consumers and workers

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Definitions:

Variable Cost

Costs that vary directly with the level of production or business activity, such as materials and labor used in production.

Fixed Cost

Costs that do not change with the level of output or sales, such as rent, salaries, and insurance premiums.

Sample Space

The set of all possible outcomes or results in a probability experiment.