Although Intuitive Thinkers (NTs)make Up Only 5 Percent of the Population

question 125

True/False

Although intuitive thinkers (NTs)make up only 5 percent of the population, a recent study of contemporary business people who created super-successful firms found that all of these individuals were NTs.

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Definitions:

Variable Input

A factor of production whose quantity can be changed easily and flexibly by a firm in the short run to adjust output levels.

Average Variable Cost

The total variable cost divided by the quantity of output produced; it shows the variable cost per unit of output.

Marginal Product

The extra output generated from the inclusion of one additional unit of a particular input while maintaining all other inputs unchanged.

Variable Cost

Costs that change in proportion to the level of production output or activity level of an entity.