Multiple Choice
Consider a production function Q = 3K + 4L, when L is graphed on the x-axis and K is graphed on the y-axis, the marginal rate of technical substitution is equal to
A) 4/3 and the isoquant is convex to the origin.
B) 4/3 and the isoquant is a straight line.
C) ¾ and the isoquant is a straight line.
D) 12 and the isoquant is convex to the origin.
Correct Answer:
Verified
Correct Answer:
Verified
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