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Use the Following Figure to Answer the Question : Figure

Question 71

Multiple Choice

Use the following figure to answer the question : Figure 16-1 :shows the isoquants,IQ1 and IQ2,for a competitive firm.
Use the following figure to answer the question : Figure 16-1 :shows the isoquants,IQ<sub>1</sub> and IQ<sub>2</sub>,for a competitive firm. -In Figure 16-1.The move from point A to point B represents the _____ of an input price change. A) substitution effect B) output effect C) income effect D) effect of diminishing returns
-In Figure 16-1.The move from point A to point B represents the _____ of an input price change.


A) substitution effect
B) output effect
C) income effect
D) effect of diminishing returns

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