Which of the following factors of production is not variable in the long run?
a. the size of the firm's plant.
b. property taxes on the assets of the firm.
c. highly trained labor.
d. All factors of production are variable in the long run.
d
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How does an increase in the price level lead to a higher interest rate?
What will be an ideal response?
The forecasting method that involves using an average of past observations to predict the future (if the forecaster feels that the future is a reflection of some average of past results) is the
A) moving average method. B) econometric forecasting method. C) exponential smoothing method. D) Both A and B E) Both A and C
Refer to the table below. What is the profit-maximizing number of resort units for Gorgeous Sands Resort during the peak period?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) 350
B) 300
C) 250
D) 200
The classical theory states that
a. demand is generally greater than supply. b. supply creates its own demand. c. supply is generally greater than demand. d. prices and interest rates are always stable.