A variable factor of production is defined in the text as one:
A) that can perform several different functions.
B) that is able to produce more or less during some time period.
C) whose quantity can be changed in a particular time period.
D) a and c are true, but not b.

Question

Quizplus · Accepted Answer

A variable factor of production is one whose quantity can be changed in a particular time period. While some factors of production, such as land and capital, are fixed, the amount of labor and materials used in production can be increased or decreased as needed. This makes them variable factors. The fact that a variable factor may or may not produce more during a particular time period is not relevant to its classification. Therefore, both A and C are true, but not B.

A Variable Factor of Production Is Defined in the Text