Which of the Following Inputs Is Normally Considered to Be

question 37

Multiple Choice

Which of the following inputs is normally considered to be variable in the short run?

• A)labor
• B)raw materials
• C)capital
• D)Both A and B

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Definitions:

Economic Competition

A condition in markets where businesses or sellers independently strive for consumer's dollars by offering the best possible terms, leading to efficient resource allocation.

Command Systems

Economic systems where the government controls key sectors of the economy, determining what goods are produced, their prices, and distribution.

Invisible Hand

A term coined by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' pursuit of self-interest leads to the benefit of society at large.