A Factor of Production That Cannot Be Used Outside of a Particular

question 7

Multiple Choice

A factor of production that cannot be used outside of a particular sector of an economy is a(an)

• A) variable factor.
• B) export-competing factor.
• C) mobile factor.
• D) import-competing factor.
• E) specific factor.

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Definitions:

Cross-Price Elasticity

A measure of the responsiveness in the quantity demanded of one good due to a price change in another good.

Break-Even Point

The point at which total costs and total revenue are equal, meaning that there is no net loss or gain, and one has "broken even."

Fixed Costs

Fixed costs that are unaffected by production or sales volume, like rent, employee salaries, and insurance fees.

Contribution Per Unit

The amount of money each unit sold contributes towards covering fixed costs and generating profit.