A firm owns long-lived property that is used by a firm in the Production of its income. What this property is called ?
Correct answer: D. Fixed asset
- A. Unmovable asset
- B. Fixed property
- C. Production line
- D. Fixed asset
Explanation
A fixed asset is a long-lived asset used in production, such as land, buildings, machinery or equipment. It is called “fixed” because it is held for continued use rather than immediate resale.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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