Which of the following is a property of an isoquant?
A) It is concave to the origin.
B) Its slope is given by the ratio of the marginal products, for example, (marginal product of capital) ÷ (marginal product of labor) , where capital and labor are measured on the Y and X-axes respectively.
C) It gives the lowest-cost way of producing a certain level of output.
D) Isoquants cannot intersect each other.
Correct Answer:
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Q35:
The following figure shows the cost curves
Q36: An isocost line depicts:
A)the minimum cost required
Q37:
The following figure shows the marginal cost
Q38:
The following figure shows the cost curves
Q39:
The following figure shows two isocost
Q41: The greater the curvature of the isoquant:
A)the
Q42:
The following figure shows three different plant
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