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 irrelevant to profit maximization decisions.
E) is variable only in the short run.
Correct Answer:
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Q1: To produce 150 units of output,the firm
Q2: The law of diminishing marginal returns
A) holds
Q4: Profit is the
A) difference between total revenue
Q5: The reason for the existence of the
Q6: Which of the following factors of production
Q7: Which of the following factors of production
Q8: Profit maximization is the primary objective of
A)
Q9: As long as the marginal product of
Q10: A profit-maximizing price taker must decide
A) only
Q11: The short run is defined as
A) one
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