The opposite of a variable is a______________?
Correct answer: D. constant
- A. law
- B. concept
- C. value
- D. constant
Explanation
A variable can take different values, whereas a constant remains fixed. Law and concept are general terms, not opposites of variable.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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