_______ Costs Are Those Costs That Increase as the Level

question 53

Multiple Choice

_______ costs are those costs that increase as the level of production increases.

• A) Fixed
• B) Mixed
• C) Variable
• D) Uncontrollable
• E) Indirect

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Definitions:

Natural Resources

Materials or substances such as minerals, forests, water, and fertile land that exist in nature and can be used for economic gain.

Opportunity Cost

The act of losing possible benefits from other routes when a single path is chosen.

Trade

The exchange of goods and services between individuals, businesses, or countries, which can be domestic or international in nature.

Corn

A cereal plant that yields large kernels on a cob, used as food for humans and livestock and as a raw material in industry.