Variable Costs Are

question 22

Multiple Choice

Variable costs are

• A) a production expense that does not vary with output.
• B) a production expense that changes with the quantity of output produced.
• C) equal to total cost divided by the units of output produced.
• D) the amount by which a firm's cost changes if the firm produces one more unit of output.

---

Definitions:

Total Employment

The total number of people employed in an economy at a given time, including both full-time and part-time workers.

Absolute Number

A value expressed without comparisons, adjustments, or relations, representing a distinct, precise figure.

Farm Employment

Farm employment refers to the work and jobs related to agriculture, including the cultivation of crops and livestock management.

Resource Misallocation

The inefficient distribution or use of resources in an economy, leading to suboptimal outcomes in production and consumption.