Which of the following factors of production is likely to be variable in the short run?
A) The location of the firm.
B) The number of employee-hours.
C) The size of the firm's plant or office.
D) The amount of specialized machinery.
E) The number of features in a custom-designed software application the firm uses.
Correct Answer:
Verified
Q2: The law of diminishing marginal returns
A) holds
Q3: A variable factor of production
A) is fixed
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
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
Q12: Total revenue minus the sum of explicit
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