Business, 12.03.2020 01:59, madleneinejessup
Which of the following is true of the cost of production under the rule of "ceteris paribus?" I. a firm produces goods by combining land, labor, natural resources and entrepreneurship. II. In the short run at least one factor of production is fixed. III. When one factor of production is fixed, the firm will experience marginal diminishing returns. IV. With good management, all costs of production can be controlled and the firm will always experience long run profits. IV only I only II and III II and IV I, II and IV I, II and III
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