Farming in Poor Countries Is Considered to Be

question 13

Multiple Choice

Farming in poor countries is considered to be:

• A)labor intensive.
• B)capital intensive.
• C)production intensive.
• D)cost intensive.

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Definitions:

Variable Costs

Expenses that change in proportion to the activity of a business, such as costs for raw materials or production.

Profit-maximizing Output

This is the level of production at which a firm achieves the highest possible profit, determined by the point where marginal cost equals marginal revenue.

Total Cost

The complete cost of production, including both fixed and variable costs, incurred by a business in producing its goods or services.

Marginal Cost

The increase in total cost that arises from producing an additional unit of output.