ECONOMICS
PROFIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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industrial sized oven that is used to bake bagels
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natural gas to power the ovens
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the yeast, an ingredient, used in the dough
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the workers in the bakery
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Detailed explanation-1: -Which of the following is most likely an example of production inputs that can be adjusted in the long run, but not in the short run? The size of a McDonald’s kitchen. MC that first falls, but eventually rises, as output increases.
Detailed explanation-2: -Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.
Detailed explanation-3: -Which of following best describes a perfectly competitive firm in the short run and the long run? occurs when a firm produces the quantity where average total cost is minimized, and a perfectly competitive firm produces this quantity in the long run.
Detailed explanation-4: -Inputs are any resources used to create goods and services. Examples of inputs include labor (workers’ time), fuel, materials, buildings, and equipment.