A Variable Factor of Production

question 92

Multiple Choice

A variable factor of production

• A) is fixed in the long run,but variable in the short run.
• B) plays no role in the law of diminishing marginal returns.
• C) is variable in both the short run and the long run.
• D) is irrelevant to profit maximization decisions.
• E) is variable only in the short run.

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Definitions:

Cognitive Development

The process of growth and change in intellectual capabilities, influencing a person's ability to learn, communicate, and understand.

Jean Piaget

A Swiss psychologist known for his pioneering work in child development, particularly his theory of cognitive development.

Reflex

An involuntary response, one that is not under personal control or choice.

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