The ________ to produce any given level of output is indicated by the point of tangency between an isocost line and the isoquant corresponding to that level of output.
A) only possible way
B) most costly way
C) least costly way
D) least desirable way

Question

Quizplus · Accepted Answer

The point of tangency between an isocost line and an isoquant represents the combination of inputs that minimizes cost for a given level of output, hence it is the least costly way.

The ________ to Produce Any Given Level of Output Is