A Factor of Production That Cannot Be Easily Changed in the Relevant

question 63

Multiple Choice

A factor of production that cannot be easily changed in the relevant time period is called a

• A)short-run factor.
• B)fixed input.
• C)variable input.
• D)production anchor.

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Definitions:

Merit Pay Plan

A compensation strategy that rewards employees based on their performance and achievements.

Intrinsic Work Values

are the personal values and satisfaction derived from the work itself, such as fulfillment, meaning, and competence.

Extrinsic Values

Values that are motivated by external rewards such as money, praise, or awards, rather than intrinsic satisfaction.

Generation X

The demographic cohort following the baby boomers, typically identified as those born from the early-to-mid 1960s to the early 1980s.