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Question
Which of the following factors of production is most likely to be variable in the short run?
Which of the following factors of production is most likely to be variable in the short run?
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Solution
The correct option is B Labour
Labour is the factor of production is most likely to be variable in the short run. Variable labour costs are any labour costs that go up or down with production levels. Examples of variable labour costs include overtime wages and temporary staff wages. These are the costs that increase when production increases and drop when production decreases. labour costs are any labour costs that go up or down with production levels. Examples of variable labour costs include overtime wages and temporary staff wages. These are the costs that increase when production increases and drop when production decreases.
Labour is the factor of production is most likely to be variable in the short run. Variable labour costs are any labour costs that go up or down with production levels. Examples of variable labour costs include overtime wages and temporary staff wages. These are the costs that increase when production increases and drop when production decreases. labour costs are any labour costs that go up or down with production levels. Examples of variable labour costs include overtime wages and temporary staff wages. These are the costs that increase when production increases and drop when production decreases.
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