Examlex
Which of the following factors of production is most likely to be variable in the short run?
International Trade
The exchange of goods and services between countries, allowing nations to expand their markets and access goods that are not produced domestically.
Absolute Advantage
Refers to the ability of a country, individual, or firm to produce more of a good or service with the same amount of resources than competitors.
Economies of Scale
Refer to the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.
Domestic Price
The price of goods or services within a country's borders, influenced by local supply and demand conditions.
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