Question

Which of the following is silent feature of 'Labour' as factor of production?

• A. Productivity of labour can be improved.
• B. Supply of labour is inelastic during the short run.
• C. Labour differs in productivity.
• D. All of above

Answer 1

The correct option is D All of above

Productivity of labour can be improve by training; Supply of labour is inelastic during short run as in the short run supply of labour cannot fall drastically or immediately; quality of labour is responsible for difference in productivity.