What Are the Means,or Factors,of Production

question 31

Multiple Choice

What are the means,or factors,of production?

• A) synonyms of a society's mode of production
• B) a society's institutional mechanisms for making sure that everyone is productive
• C) the ways a society organizes production
• D) labor forces organized by kinship ties
• E) a society's major productive resources, such as land and other natural resources, labor, technology, and capital

---

Definitions:

Monopolistically Competitive

A market structure characterized by many firms offering products that are similar but not identical, leading to differentiated competition.

Total Revenue

The entirety of income a company secures from its sales or service activities over a certain period.

Total Cost

The sum of all costs incurred by a firm in producing a certain level of output.

Monopolistically Competitive

Describes a market structure where many companies sell products that are similar but not identical, allowing for significant competition but with some degree of pricing power.