A Change in the Supply of One Factor of Production

question 107

Multiple Choice

A change in the supply of one factor of production

• A)can alter the earnings of all of the other factors.
• B)alters the earnings of capital and labor but not land.
• C)will not change the marginal productivities of other factors but may change their prices.
• D)alters the earnings of that factor only.

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Definitions:

Discrete Probability

A branch of probability that deals with occurrences that have distinct and separate values, often involving countable outcomes.

Random Variable

A variable whose numerical values are contingent upon the outcomes of randomness.

Occurrences

Instances or events that happen or take place.

Expected Monthly Production

An estimate of the quantity of goods or services that are anticipated to be produced in a given month.