The Costs Associated with Variable Factors of Production Are _______

question 117

Multiple Choice

The costs associated with variable factors of production are _______ costs and the costs associated with _______ factors of production are _______ costs.

• A) variable; fixed; fixed
• B) fixed; fixed; variable
• C) variable; fixed; variable
• D) fixed; fixed; fixed

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Definitions:

Competition

The rivalry between businesses or individuals for customers, market share, or achievement within an industry, sport, or another domain.

Utility

The total satisfaction or benefit derived from consuming a product or service.

Marketing

The activity of producing, conveying, distributing, and trading goods and services that are valuable to consumers, clients, allies, and the broader community.

Benefits

Advantages or positive outcomes that satisfy the needs or wants of consumers or stakeholders.