Which of the following is the most likely to be a variable factor of production at a university?
A. The size of the student union.
B. The size of the football stadium.
C. The location of the university.
D. The number of librarians.
Answer: D
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Which of the following is TRUE?
a. Maximizing division profits always leads to maximizing company-wide profits b. Managers of profit centers are not given any discretion in their decision making c. Profit centers usually require the highest degree of attention of corporate executives d. A manager being rewarded on division revenues has the most incentive to make good decisions for his division
If the demand decreases in a perfectly competitive market, firms will likely:
A. experience negative profits in the short run. B. experience zero profits in the long run. C. exit the market in hopes of capturing profits elsewhere. D. All of these are true.