Distinguish between the short run and the long run. in the short run, in the long run,
a. a firm's plant is fixed; a firm can change its plant
b. the quantity of only one factor of production is fixed; the quantities of all factors of production can be varied
c. all factors of production are variable except technology; the quantities of all factors of production can be varied
d. all costs are sunk costs; the quantity of only one factor of production is fixed

B. the quantity of only one factor of production is fixed; the quantities of all factors of production can be varied

Explanation:

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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