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________ Refers to a Deficit in ________

question 81

Multiple Choice

________ refers to a deficit in ________.


Definitions:

Variable Costs

Expenses that vary directly with the level of production or sales volume, such as materials and labor.

Labor

Human effort, whether physical or mental, contributed to the production of goods and services.

Materials

The physical components used in the production of goods and services.

Fixed Costs

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.

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