ecomomics question help!!!!!!?

Question

inputs that can be increased or decreased in the short run are called

1) normal inputs
2) fixed inputs
3) variable inputs
4) accounting inputs
5) economic inputs

2) which of the following probably has the shortest long run?
a) aircraft engine factory
b) a law firm
c) a steel mill
d) an automobile plant
e) tire factory

3) the law of diminishing marginal returns states that

a) if marginal product is positive, total product rises
b) as units of a variable input are added to a given amount of fixed inputs, the marginal product of the variable input eventually diminishes
c) as a person consumes more of a good, the marginal satisfication from that good eventuall diminishes
d) long-run cost declines as output increases
e) if the marginal product is above the average product, the average will rise

are the answers c, a, b

Answer 1

3) variable inputs
b) a law firm - most labor intensive/least capital intensive - all the other ones long run to change fixed costs would include building a new factory, the law firm could even resort to sharing offices as the lawyers could spend more time in court (a bit unrealistic because of lawyer egos, but they could)
b)