A Factor of Production Whose Quantity Can Be Changed During

question 151

Multiple Choice

A factor of production whose quantity can be changed during a particular period is a:

• A) marginal factor of production.
• B) fixed factor of production.
• C) incremental factor of production.
• D) variable factor of production.

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Definitions:

Available Substitutes

Alternative products or services that consumers can opt for when faced with changes in price or availability of the original product.

Luxury Good

A good for which demand increases more than proportionally as income rises, and is often seen as a status symbol rather than a necessity.

Coffee And Tea

Two popular beverages consumed worldwide, derived from brewing the roasted seeds of the Coffea plant and the dried leaves of the Camellia sinensis plant, respectively.

Skis And Ski Boots

Items used in the sport of skiing, where skis are long narrow platforms to glide over snow, and ski boots are specialized footwear that attach to the skis.