Although Capital Is a Variable Factor in the Long Run,once

question 112

Multiple Choice

Although capital is a variable factor in the long run,once chosen it becomes a fixed factor for a long time.A profit- maximizing firm must therefore select a method of production that is

• A)adaptable to wide ranges of output over time.
• B)economically efficient at current factor prices.
• C)technologically advanced beyond methods currently used.
• D)economically efficient at current factor prices and sufficiently flexible to adapt to changing factor prices over time.
• E)labour intensive,as labour is always a variable factor.

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Definitions:

Arbitration

A form of alternative dispute resolution where a neutral third party makes a decision to resolve a dispute outside of court.

Hybrid Dispute

This refers to conflicts that mix elements of both legal and non-legal disputes, often found in settings where contractual and relational issues intersect.

Mediation

A method of dispute resolution where a neutral third party assists two conflicting sides to reach a mutually agreed-upon solution.

Strike Decline

The decreasing frequency or likelihood of strikes, where workers collectively refuse to work as a form of protest, often due to changing labor laws, union strategies, or economic conditions.