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.
Answer: D
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Refer to the scenario above. You should use ________ to make your decision
A) backward induction B) forward induction C) mixed strategies D) your dominant strategy
A positive externality causes
A) the marginal social benefit to be less than the marginal private cost of the last unit produced. B) the marginal private benefit to exceed the marginal social cost of the last unit produced. C) the marginal social benefit to exceed the marginal private cost of the last unit produced. D) the marginal social benefit to be equal to the marginal private cost of the last unit produced.
If the real risk-free interest rate falls, the:
a. Demand curve for real loanable funds rises. b. Demand curve for real loanable funds falls. c. Supply curve of real loanable funds rises. d. None of the above.
If C(X) represents the total cost of activity X, then which of the following expressions best represents the marginal cost of activity X?
A. C(X) - C(X - ?X) B. (C(X) - C(X - ?X))/?X C. (C(X) - C(X - ?X))/X D. C(X - ?X))/?X