The isocost line measures the different combination of factor inputs such as labour and capital, which can be purchased within a given budget.

Name: The isocost line measures the different combination of factor inputs such as labour and capital, which can be purchased within a given budget.
Brand: Quizplus
Rating: 4.9 (49 reviews)

Question

Quizplus · Accepted Answer

This is correct. The isocost line represents the various combinations of inputs that can be purchased with a given budget, and is used to analyze the cost of production.

The Isocost Line Measures the Different Combination of Factor Inputs