A graph showing ________ is an isoquant.
A) all combinations of capital and labor that have the same total cost
B) all combinations of capital and labor that a firm can use to produce a given amount of output
C) all combinations of products desired by consumers
D) all combinations of products that yield the same total utility

Question

Quizplus · Accepted Answer

An isoquant represents all combinations of capital and labor that a firm can use to produce a given level of output, illustrating the trade-offs between inputs while holding output constant.

A Graph Showing ________ Is an Isoquant