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JAMB Commerce 2008 Question 6

Question 6

Production

In the long run, all factors of production are

  1. A.fixed
  2. B.variable
  3. C.marginal
  4. D.constant.
Show the answer and explanation

Answer: B (variable)

Explanation

In the long run a firm has time to change every input, including buildings and machines, so all factors are variable.