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The production function of a restaurant includes items such as labor (i.e., cooks, waiters, a manager), capital (i.e., ovens, counters, tables, chairs, and a building), and land. In the short run, the owner of the restaurant will optimize production by employing a variable amount of _________ given a fixed amount of _________.
a. capital; labor and land b. land; capital and labor c. labor; capital and land d. labor; capital and raw materials e. land; labor and raw materials
This document contains various important questions and their appropriate answers in the subject field of Economics.
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