Refer to Figure 5.1.Observe the three isoquants depicted and determine which of the following statements is true.
A)K and L are substitutes in each of the three cases.
B)K and L are substitutes in cases (1)and (2).
C)K and L are substitutes in cases (2)and (3).
D)K and L are substitutes in cases (1)and (3).

Question

Refer to Figure 5.1.Observe the three isoquants depicted and determine which of the following statements is true. 
A)K and L are substitutes in each of the three cases. 
B)K and L are substitutes in cases (1)and (2). 
C)K and L are substitutes in cases (2)and (3). 
D)K and L are substitutes in cases (1)and (3).

Quizplus · Accepted Answer

The Answer of Refer to Figure 5.1.Observe the three isoquants depicted and determine which of the following statements is true. 
A)K and L are substitutes in each of the three cases. 
B)K and L are substitutes in cases (1)and (2). 
C)K and L are substitutes in cases (2)and (3). 
D)K and L are substitutes in cases (1)and (3).