A Very- Long- Run Consideration That Could Change a Firm's

question 42

Multiple Choice

A very- long- run consideration that could change a firm's production function is

• A)increasing returns to scale of operation.
• B)size of the plant.
• C)diminishing returns.
• D)rising cost of the factors of production.
• E)an improvement in education that increases the quality of the economy's labour force.

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Definitions:

Third Variable Problem

The circumstance where a variable that has not been measured accounts for the relationship between two other variables. Third variables are also known as confounds.

American Psychological Association

A professional organization representing psychology in the United States, aimed at advancing psychology as a science, a profession, and as a means of promoting health and human welfare.

APA Guidelines

Standards set by the American Psychological Association that govern ethics, research, and practice within the field of psychology.

Cognitive Approach

A psychological framework that focuses on mental processes such as perception, memory, and thinking, as essential components in understanding behavior.