Asked by
Abayneh Jemaneh
on Oct 14, 2024
Verified
A fixed factor is a factor of production that is used in fixed proportion to the level of output.
Fixed Factor
A resource in the production process whose quantity cannot readily be changed in the short term.
Production
The process of creating goods or services by combining various inputs in order to make products that are suitable for consumption or further production.
- Understand the distinction between fixed and variable factors in production.
Verified Answer
AG
Learning Objectives
- Understand the distinction between fixed and variable factors in production.