A Variable Input Is an Input That Can Change

question 67

Multiple Choice

A variable input is an input that can change

• A)in the short run but not in the long run.
• B)in the long run but not in the short run.
• C)in both the long run and the short run.
• D)without changing the level of output.

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Definitions:

Comparative Advantage

The ability of an individual or group to produce a good or service at a lower opportunity cost than other producers.

Opportunity Cost

The cost of missing out on the next best alternative when making a decision.

Specialize And Trade

The economic practice where individuals or entities focus on a limited scope of production to increase efficiency and then exchange their outputs for varied goods or services.

Export

The process of sending goods or services produced in one country to another country for sale or trade.