Which of the Following Is the Best Explanation of Why

question 101

Multiple Choice

Which of the following is the best explanation of why the law of diminishing returns does not apply in the long run?

• A) All factors of production are variable in the long run.
• B) The MPP does not change in the long run.
• C) In the long run,firms have enough time to find more qualified workers.
• D) All factors of production are fixed in the long run.

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Definitions:

Standardized Scoring

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The validity of a test assuming a specific theoretical framework that relates the item the test measures, often rather abstract, to some other item that is more easily assessed. If the two sets of measurements correlate, the test is said to have construct validity.

Theoretical Framework

A foundational structure used to outline possible courses of action or to present a preferred approach to an idea or thought, often used in academic research.

Test Content

The material, topics, or subject matter that is covered by a test, reflecting what the test is designed to measure.