When Using Trait Terms,it Is Important to Keep in Mind

question 107

Multiple Choice

When using trait terms,it is important to keep in mind that

• A) there are many synonyms for the trait term that could be used instead.
• B) trait terms are relative in that unstated comparisons are always being made.
• C) the trait being exhibited is subject to sudden change as in multiple personality.
• D) traits, much like most human abilities, are all "in the eye of the beholder."

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Definitions:

Fixed Set-Up Costs

Initial costs that do not vary with the level of production or sales, such as equipment purchases or facility leases, needing to be paid before production starts.

Economies of Scale

The savings businesses gain from operating at a larger scale, where the expense for each unit produced diminishes as the scale enlarges.

Short Run

A period in which at least one input in the production process is fixed, limiting the ability of a firm to adjust to changes in market demand.

Long Run

An economic term referring to a period during which all factors of production and costs are variable, allowing for full adjustment to changes.