Economics Multiple Choice Question – 20 December 2021

Which statement is correct?

Select ONE answer:

1. In the short run all factors of production are fixed; in the long run all factors are varied.
2. In the short run at least one factor is fixed; in the long run all factors can be varied.
3. In the short run at least one factor is varied; in the long run all factors are fixed.
4. In the short run at least one factor is varied; in the long run at least one factor is fixed.

Show your workings to arrive at your answer, and explain and justify your reasons:

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This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 2

1. Not correct
2. Correct
3. Not correct
4. Not correct

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