If the Firm Can Vary All Factors of Production, It

question 50

Multiple Choice

If the firm can vary all factors of production, it is operating

• A) at a profit.
• B) at a zero economic profit.
• C) in the short run.
• D) in the long run.

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Definitions:

CRTC

The Canadian Radio-television and Telecommunications Commission, a regulatory agency for broadcasting and telecommunications.

Administrative Tribunal

A quasi-judicial body established to handle disputes regarding administrative decisions made by governmental agencies.

Radio Station

A service that broadcasts audio content over the airwaves for public consumption, often music, news, or talk programs.

Law Merchant

The customs or rules established by merchants to resolve disputes that arose between them, and that were later applied by Common Law judges in cases that came before their courts.