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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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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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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aloop

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