If a Factor of Production Can Be Used to Produce

question 4

Multiple Choice

If a factor of production can be used to produce either good A or good B,then A and B are

• A)substitutes in production.
• B)complements in production.
• C)substitutes.
• D)complements.
• E)normal goods.

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Definitions:

Fixed Costs

Expenses that do not change in the short term, regardless of the level of goods or services produced by a business.

BTU

British Thermal Unit, a measure of heat energy equal to the amount required to raise the temperature of one pound of water by one degree Fahrenheit.

Energy Efficiency

The goal to reduce the amount of energy required to provide products and services, aiming for sustainability and conservation.

One Million BTUs

A unit of energy equal to about 1,055.05585 joules, used to measure energy production, consumption, and heating value.