Multiple Choice
Which of the following are characteristics of a typical isoquant?
A) All input combinations on the isoquant will produce the same level of output.
B) The marginal rate of technical substitution decreases as more labor is substituted for less capital.
C) A change in input prices shifts the isoquant map.
D) both a and b
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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