Which of the following factors of production is most likely to be variable in the short run?
A) land
B) entrepreneurship
C) capital equipment
D) labour
E) technology

Question

Quizplus · Accepted Answer

Labour is the most likely factor of production to be variable in the short run. In the short run, it can be easier for firms to adjust the quantity of labour they use compared to the other factors such as land, capital equipment, entrepreneurship, or technology. This means that firms can hire more workers or lay off workers in response to changes in demand for their products or services.

Which of the Following Factors of Production Is Most Likely