Which of the Following Resources Is Necessary to Efficiently Combine

question 16

Multiple Choice

Which of the following resources is necessary to efficiently combine other resources to produce goods and services?

• A)Natural resources
• B)Capital
• C)Labor
• D)Entrepreneurial ability
• E)Financial institutions

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Definitions:

Total Revenues

The full revenue obtained from the sale of goods or services, before taking out any expenditures.

Long-Run Equilibrium

Long-run equilibrium occurs when all factors of production within a market are fully adjusted to the economic conditions, leading to a steady state where there is no tendency for change.

Consumer Surpluses

The difference between the total amount that consumers are willing to pay and the total amount that they actually pay for a good or service.

Producer Surpluses

The difference between the actual amount received by sellers and the minimum amount they would be willing to accept for their goods or services.