A Fixed Factor of Production

question 40

Multiple Choice

A fixed factor of production:

• A)is fixed in the long run but variable in the short run.
• B)is fixed only in the short run.
• C)is fixed in both the short run and the long run.
• D)is common in large firms but rare in small firms.

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Definitions:

Exempt

Exempt generally refers to being free from an obligation, duty, or requirement that others are subject to.

Antitrust Violations

Antitrust Violations refer to actions or agreements by businesses that unfairly restrict competition and violate laws established to promote fair competition in the marketplace.

Sherman Act

A foundational antitrust law in the United States passed in 1890 that prohibits monopolies and any unreasonable constraints of trade.

Market Competition

The rivalry among businesses to attract customers and gain market share through price, product quality, services, and innovation.