Questions
Single choice
In the short run
Options
A.A. Labour is always a variable factor
B.B. Fixed factors are always variable
C.C. Fixed costs cannot change
D.D. Supply is more inelastic
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Step-by-Step Analysis
When analyzing the short run in microeconomics, it's important to remember that at least one input is fixed while others may vary.
Option A: 'Labour is always a variable factor.' While labor is often variable in the short run, the word 'always' makes this statement incorrect. There......Login to view full explanationLog in for full answers
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