The Distinction Between Variable and Fixed Inputs

question 63

Multiple Choice

The distinction between variable and fixed inputs

• A) can be made only in the long run.
• B) can be made by calculating the difference between an input's marginal product and its average product.
• C) is based on the time period under consideration.
• D) is that variable inputs are not subject to the law of diminishing returns.
• E) reflects the difference between human and nonhuman inputs.

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Definitions:

Accounting

The practice of recording, classifying, and reporting on financial transactions to track an entity's financial status and performance.

Voiding

The process of cancelling a check or transaction in financial record keeping.

Deleting

The act of removing data or records from a database or document, often irreversible.

Time Tracking

The process of recording the amount of time spent on various tasks, often for billing or payroll purposes.