UNIT 07 / THE PRICE SYSTEM AND THE MICROECONOMY

Types of cost, revenue and profit, short-run and long-run production7.5 test

100 questions with explanations after each answer.

Practice mode

QUESTION 01 / 100Easy

In the short run, what distinguishes a fixed factor of production from a variable factor?

Select one answerAIts price remains unchanged over the period.BIts quantity cannot change during the period.CIt is necessarily capital rather than labour.DIts contribution to extra output is zero.

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1 of 100

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Question 1