We Are Actually Looking into the Past When We Look

question 37

Multiple Choice

We are actually looking into the past when we look at

• A)a distant star.
• B)our physics book.
• C)actually both of these
• D)none of these

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Definitions:

Total Fixed Costs

Expenses that do not change with the level of production or sales over a certain time period, such as rent or salaries.

Variable Input

A factor of production, such as labor or raw materials, whose quantity can be changed easily by a business to adjust to the level of output.

Short Run

Short Run is a time period in economics during which at least one input is fixed while others are variable.

Fixed Input

A factor of production that cannot be easily increased or decreased in the short term, such as land or machinery.