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:

Borrowing Funds

The act of obtaining resources, typically money, from another party with the agreement to return the principal amount along with interest or other charges.

Lending Funds

The act of providing financial resources to individuals, businesses, or other entities with the expectation of future repayment with interest.

Double Coincidence of Wants

A situation in barter economies where two parties each hold an item the other wants, allowing for a direct exchange.

Medium of Exchange

An instrument or system used to facilitate the sale, purchase, or trade of goods between parties.