Which of the Following Is Most Likely to Be a Fixed

question 65

Multiple Choice

Which of the following is most likely to be a fixed input in the short run for Joe's Garage?

• A)the grease used to lubricate cars
• B)the part-time labor employed to repair cars
• C)the inventory of replacement parts
• D)the electricity used to heat and light the garage
• E)the garage used to repair cars

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Definitions:

Quantity Demanded

The overall volume of a good or service that consumers intend and can afford to buy within a specific period at a particular price.

Complementary Good

A product or service that is typically used together with another product, such that an increase in demand for one leads to an increase in demand for the other.

Change in Demand

A change in the quantity demanded of a good or service at at least one price that is caused by factors other than a change in the price of that good or service.

Technology

The application of scientific knowledge for practical purposes, especially in industry, which includes machinery, equipment, methods, and processes.