A production isoquant is a function that represents
A) the best combination of factor inputs that can be used to produce a given level of output.
B) the different combination of factor inputs which can be purchased with a given budget.
C) the budget available to the firm.
D) all the possible combinations of factor inputs that can be used to produce a given level of output.
Correct Answer:
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Q1: If both land and labour costs increased
Q2: Q3: Assume that capital is represented by the Q6: The isocost line measures the different combination Q6: There are an infinite number of isocost Q7: An isocost line shows the different combination Q8: A firm's isoquant shows Q11: Any point where the isocost line cuts Q26: A production function may exhibit Q31: As a result of doubling all its
A) the amount of
A)constant returns to
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