The Term "Variable Input" Is Used to Refer to Inputs

question 77

True/False

The term "variable input" is used to refer to inputs that vary in terms of quality and,therefore,productivity.

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Definitions:

Variable Inputs

Factors of production that can be adjusted in the short term to change the level of output, such as labor or raw materials.

Production Process

The sequence of steps or operations involved in the production and manufacture of goods or services, transforming inputs into finished products.

Supply Of Labor

The total hours that workers are willing and able to work at a given wage rate.

Labor Market

A market where employers find workers and workers find jobs, characterized by supply and demand for labor.