Which of the following is the most likely to be a variable factor of production at...
Which of the following is the most likely to be a variable factor of production at an university?
Select one:
a. The number of librarians.
b. The size of the football stadium.
c. The size of the student union.
d. The location of the university.
Homework Answers
Answer - a) The number of librarians
The factors that change with output are called as variable factors. With the change in output, these factors changes. The number of librarians is a variable factor because it can be changed according to output in the short run. The other factors like football stadium, students union and university locations cannot be changed in the short run.
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