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10.0 Points Given constant quantities of all other factors of production, when additional units of a variable factor of production add less and less to total output, then the firm is experiencing
Weegy: Production theory is the study of production, or the economic process of converting inputs into outputs. Production uses resources to create a good or service that is suitable for use, gift-giving in a gift economy, or exchange in a market economy. [ This can include manufacturing, storing, shipping, and packaging. Some economists define production broadly as all economic activity other than consumption. They see every commercial activity other than the final purchase as some form of production. Production is a process, and as such it occurs through time and space. Because it is a flow concept, production is measured as a “rate of output per period of time”. There are three aspects to production processes: the quantity of the good or service produced, the form of the good or service created, the temporal and spatial distribution of the good or service produced. A production process can be defined as any activity that increases the similarity between the pattern of demand for goods and services, and the quantity, form, shape, size, length and distribution of these goods and services available to the market place. ] (More)
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Asked 6/6/2013 12:50:42 AM
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A factor of production whose quantity can be changed during a particular period is a: A. marginal factor of production. B. fixed factor of production. C. incremental factor of production. D. variable factor of production.
Weegy: D. variable factor of production. - - A factor of production whose quantity can be changed during a particular period is a variable factor of production. (More)
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Asked 6/6/2013 12:26:07 AM
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