Which of the Following Is Most Likely to Be a Fixed

question 65

Multiple Choice

Which of the following is most likely to be a fixed input in the short run for Joe's Garage?

• A)the grease used to lubricate cars
• B)the part-time labor employed to repair cars
• C)the inventory of replacement parts
• D)the electricity used to heat and light the garage
• E)the garage used to repair cars

---

Definitions:

Vickrey Auction

An auction in which bids are submitted secretly, with the item being awarded to the top bidder who then pays the amount bid by the second-highest bidder.

Willingness To Pay

The maximum amount an individual is prepared to spend to procure a good or service, reflecting the value they place on it.

Expected Revenue

The total amount of money anticipated to be received for goods or services sold, calculated over a specific period.

Probability

A measure of the likelihood that a particular event will occur.