A Factor of Production That Can Be Easily Changed in the Relevant

question 20

Multiple Choice

A factor of production that can be easily changed in the relevant time period is called a

• A)fixed input.
• B)temporary input.
• C)variable input.
• D)substitution input.

---

Definitions:

Interaction Term

In statistical models, a variable created by multiplying two or more variables together to investigate if the effect of one variable on the dependent variable is different at different levels of the other variable.

Coefficient

A numerical constant placed at the beginning and serving as a multiplier to a variable in an algebraic formula.

Nominal Variables

Variables that represent categories without any inherent order or ranking among them.

Interaction Term

A variable in statistical models that captures the effect of two or more variables simultaneously affecting a response variable.