Which of the Following Is Most Likely to Be a Variable

question 92

Multiple Choice

Which of the following is most likely to be a variable factor of production at a university?

• A)The number of teaching assistants.
• B)The size of the basketball arena or football stadium.
• C)The school mascot.
• D)The location of the university.

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Definitions:

Marginal Product

The additional output that results from using one more unit of a particular input, keeping all other inputs constant.

Labor-Supply Curve

A graph that shows the relationship between the wages workers receive and the amount of labor they are willing to supply.

Wage Affected

The impact on employees' earnings due to various factors like inflation, demand for labor, or changes in government policy.

Marginal Product

The growth in production resulting from one more unit of input.