Which of the Following Factors of Production Is Variable in the Short

question 20

Multiple Choice

Which of the following factors of production is variable in the short run?

• A) labour
• B) machinery and equipment
• C) land
• D) the size of the firm's plant

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Definitions:

Dualistic

Pertaining to or involving a distinction between two fundamentally different concepts, perspectives, or entities.

Relativistic

Pertaining to the understanding that knowledge, truth, and morality exist in relation to culture, society, or historical context and are not absolute.

Pragmatic

Concerned with practical considerations or consequences in decision-making or communication, focusing on effective and sensible approaches.

Relativistic

Pertaining to the view that concepts such as moral values and truth are not absolute but are relative to the perspectives or cultures from which they originate.