Can we apply for Multivariant testing on Static Components? If Yes, then how or Is Multivariant testing recommended only for Dynamic Components?
As long as a component has been added to a placeholder, it can be tested. I assume by static component, you mean something like a breadcrumb that wouldn't typically be editable by a content author. In that case, you could edit do an MV test from inside the presentation details. I'd see this as an edge case and something that we'd want to keep content authors out of. Hope I understood your question correctly.