In the Pumpkin-Growing Firm Example in the Text, Land Is

question 156

Multiple Choice

In the pumpkin-growing firm example in the text, land is a fixed factor because

• A)it is a physical factor of production.
• B)the firm produces a single product.
• C)it cannot be varied during the season.
• D)it has no close substitutes.
• E)the firm is a price-taker.

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Definitions:

Wealth

An abundance of valuable financial assets, resources, or material possessions.

Freedom of the Press

The right to publish and disseminate information, opinions, and news without censorship or restraint from the government.

Eighteenth Century

The period from 1701 to 1800, marked by significant historical, cultural, and scientific developments worldwide.

British Government

The central government of the United Kingdom, comprised of the Executive (the Crown and its Ministers), the Legislature (Parliament), and the Judiciary.