In the Long Run,a Firm Can Vary

question 59

Multiple Choice

In the long run,a firm can vary

• A)all of its factors of production.
• B)labour but not capital.
• C)capital but not labour.
• D)labour and capital but not land.
• E)labour,capital and entrepreneurship but not land.

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Definitions:

Outcomes Of Decisions

The consequences or results that follow from the choices individuals make.

Utility Theory

An economic theory that describes how individuals make choices based on their perceived satisfaction or utility from outcomes, aiming to maximize pleasure and minimize pain.

Predict How Feel

the attempt to forecast one’s future emotional states or reactions in specific situations, which can influence decision-making and planning.

Utility Theory

An economic theory that considers the utility or satisfaction a consumer gains from consuming goods and services.