Principles of Economics Study Set 4
Quiz 6: Perfectly Competitive Supply
A Variable Factor of Production
A variable factor of production: A)is fixed in the long run but variable in the short run. B)plays no role in the law of diminishing marginal returns. C)is variable in both the short run and the long run. D)is variable only in the short run.
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The long run is defined as A)one year or more. B)a period in which all factors of production are variable. C)the period of time between annual accounting reports. D)a period in which at least one factor of production is fixed.
When some factors of production are fixed,in order to increase production by equal amounts,a firm would need to add successively: A)smaller and smaller quantities of the variable factor. B)constant quantities of the variable factor. C)larger and larger quantities of the variable factor. D)larger and larger quantities of the fixed factors.
Which of the following factors of production is likely to be fixed in the short run? A)The location of the firm. B)The number of employee-hours. C)The amount of electricity consumed. D)The amount of paper used.
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