Although Capital Is a Variable Factor in the Long Run,once

question 33

Multiple Choice

Although capital is a variable factor in the long run,once chosen it often becomes a fixed factor for a long time.A profit-maximizing firm must therefore select a method of production that is

• A)economically efficient at current factor prices.
• B)technologically advanced beyond methods currently used.
• C)labour intensive,as labour is always a variable factor.
• D)economically efficient at current factor prices and sufficiently flexible to adapt to changing factor prices over time.
• E)adaptable to wide ranges of output over time.

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Definitions:

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