Which of the Following Is Not Considered as One of the Factors

question 199

Multiple Choice

Which of the following is not considered as one of the factors of production?

• A) Land.
• B) Labor.
• C) Capital.
• D) Technology.
• E) Entrepreneurship.

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Definitions:

Producer Surplus

The difference between what producers are willing to sell a product for and the price they actually receive.

Equilibrium Price

The selling price where the quantity of goods on offer is equal to the quantity consumers want to buy.

Consumer Surplus

The variance between the sum consumers are willing to shell out for a good or service and the sum they actually shell out.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to a balance in the market.