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WAEC Economics 2019 Question 18

Question 18

Theory of Production

The short-run in production is the time period when

  1. A.techniques of production can easily be changed.
  2. B.all factors of production are variable.
  3. C.at least a factor is fixed while others are variable.
  4. D.variable factors cannot be changed.
Show the answer and explanation

Answer: C (at least a factor is fixed while others are variable.)

Explanation

In the short run at least one factor is fixed.