Table 2.3

-Refer to Table 2.3. What can be observed about the given resources?
A) Capital and labor are both fixed.
B) Capital is variable.
C) Capital is fixed.
D) Labor is fixed.

Question

Table 2.3
 
-Refer to Table 2.3. What can be observed about the given resources?
A) Capital and labor are both fixed. 
B) Capital is variable. 
C) Capital is fixed. 
D) Labor is fixed.

Quizplus · Accepted Answer

The resource in Table 2.3 is identified as having a fixed quantity, which means that the resource cannot be easily adjusted or substituted for another resource. As such, the resource is capital, which is typically more difficult to adjust than labor. Therefore, the correct answer is C, wherein capital is fixed.

Table 2.3 -Refer to Table 2.3. What Can Be Observed About the Be