A firm's ______ shows the least-cost input combinations at all possible levels of output for fixed input prices.
A) cost function
B) output expansion path
C) isocost line
D) efficient production frontier

Question

Quizplus · Accepted Answer

The output expansion path shows the least-cost input combinations at all possible levels of output for fixed input prices. The cost function represents the total cost of producing a given level of output. Isocost line represents all possible combinations of two inputs that can be purchased for a given total cost. The efficient production frontier represents the maximum output that can be produced from a given set of inputs.

A Firm's ______ Shows the Least-Cost Input Combinations at All