Factors of Production Include

question 193

Multiple Choice

Factors of production include

• A) the economic system.
• B) land, labor, capital and entrepreneurship.
• C) labor and capital (not land, which is fixed).
• D) only capital, land, and labor.

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase.

Constant Marginal Cost

Describes a situation in production where the cost of producing an additional unit of output is the same, regardless of the level of production.

Profit-Maximizing

A strategy or point where a firm achieves the highest possible profit based on its production and selling activities.

Monopolist

A person, company, or entity that holds exclusive control over the market for a particular good or service, without competition.