📚 Learning Guide
Short-Run Production Decisions
easy

In the short run, which of the following factors is considered variable in the production process?

Master this concept with our detailed explanation and step-by-step learning approach

Learning Path
Learning Path

Question & Answer
1
Understand Question
2
Review Options
3
Learn Explanation
4
Explore Topic

Choose the Best Answer

A

Capital

B

Land

C

Labor

D

Technology

Understanding the Answer

Let's break down why this is correct

Answer

In the short run, a variable factor in the production process is something that can change easily and quickly as production needs change. This usually includes things like labor and raw materials, which can be increased or decreased depending on how much a company wants to produce. For example, if a bakery wants to bake more bread, it can hire more workers or buy more flour. Fixed factors, like buildings or machinery, cannot be changed quickly and remain constant in the short run. Understanding the difference helps businesses make better decisions about how to adjust their production to meet demand.

Detailed Explanation

Labor is variable because you can hire more workers or let some go quickly. Other options are incorrect because Many people think capital, like machines, can change quickly; Land seems like it could change, but you can't just get more land quickly.

Key Concepts

Short-run production
Topic

Short-Run Production Decisions

Difficulty

easy level question

Cognitive Level

understand

Ready to Master More Topics?

Join thousands of students using Seekh's interactive learning platform to excel in their studies with personalized practice and detailed explanations.