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Author Question: What is meant by variable cost? What kinds of things might be included in variable cost? What ... (Read 167 times)

karlynnae

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on: Jun 29, 2018
What is meant by variable cost? What kinds of things might be included in variable cost?
 
  What will be an ideal response?

Question 2

What is a laissez-faire economy?
 
  What will be an ideal response?


aloop

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Variable cost is a cost that depends on the level of production chosen. Examples would include the costs of materials, hourly labor, and electricity.

Answer to Question 2

A laissez-faire economy is one in which individuals and firms pursue their own self-interests without any central direction or regulation.


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karlynnae

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Reply #2 on: Jun 29, 2018
Correct answers!


aloop

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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