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Question
From the following statements given in Column I and Column II, choose the correct pair of the statements.
| Column 1 | Column 2 |
| A. Fixed factor | 1. Technology can be changed |
| B. Variable factor | 2. Technology remains same |
| C. Short-run production | 3. Quantity cannot be changed in the short-run |
| D. Long-run production | 4. Quantity can be changed in the short-run |
Options
A - 1, B - 2, C - 4, C - 3
A - 3, B - 4, C - 2, C - 1
A - 2, B - 3, C - 1, C - 4
A - 3, B - 4, C - 2, C - 1
MCQ
Match the Columns
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Solution
A - 3, B - 4, C - 2, C - 1
Explanation:
| Column 1 | Column 2 |
| A. Fixed factor | 3. Quantity cannot be changed in the short-run |
| B. Variable factor | 4. Quantity can be changed in the short-run |
| C. Short-run production | 2. Technology remains same |
| D. Long-run production | 1. Technology can be changed |
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