Which of the Following Is NOT a Factor of Production

question 190

Multiple Choice

Which of the following is NOT a factor of production?

• A)labor
• B)machines and buildings
• C)land
• D)money

---

Definitions:

Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.

Income Elasticity

A measure of how much the demand for a product changes with a change in consumers' income.

Quantity Supplied

the amount of a good or service that producers are willing and able to sell at a given price.

Elastic

Describes a situation where a change in one factor (such as price) leads to a relatively larger change in another factor (such as quantity demanded or supplied).