Multiple Choice
If an isoquant intersects an isocost line at two points, a manager can surmise that:
A) there is a lower isocost line where the isoquant will intersect at only one point
B) no least cost combination is possible
C) there are two choices of least-cost input combinations
D) none of the other three answers
Correct Answer:
Verified
Correct Answer:
Verified
Q50: An isoquant cannot:<br>A) be upward-sloping<br>B) be downward-sloping<br>C)
Q51: The massive substitution of capital for labor
Q52: Labor-intensive production techniques are most likely to
Q53: To determine the profit-maximizing level of production
Q54: Define and explain what an isoquant is.
Q56: In equilibrium:<br>A) the slope of the isoquant
Q57: Define and explain what an isocost line
Q58: Graph the change in equilibria from the
Q59: Graph isoquants and give an example for:
Q60: For US agriculture, labor may be substituted