What are factors of production?
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Which of the following explains why economic choices must be made?
a. The factors of production are expensive.
b. The factors of production are used inefficiently.
c. The factors of production are of inferior quality.
d. The factors of production are scarce.
Ā
The short run is a time period A) of one year or less. B) where all factors of production are variable C) where all factors of production are fixed. D) where some factors of production are variable, but at least one factor of production is fixed. E) where all factors of production are variable, but the technology is fixed.
