The isorevenue line is:
A) a line depicting all combinations of two inputs that yield a constant level of costs
B) a line depicting all combinations of two outputs that yield a constant level of costs
C) a line depicting all combinations of two inputs that yield a constant level of revenues
D) a line depicting all combinations of two outputs that yield a constant level of revenues
Correct Answer:
Verified
Q37: Technological change in agriculture is a result
Q38: If the price of an output increases,
Q39: The MRPS is:
A) the rate at that
Q40: In equilibrium:
A) MRPS = slope of isorevenue
Q41: The MRPS is equal to:
A) ΔY2/ΔY1
B) ΔX2/ΔX1
C)
Q43: An isorevenue line is:
A) convex to the
Q44: If ΔY2P2 > ΔY1/P1 then:
A) the
Q45: If ΔY2/ΔY1 > ΔY2/ΔY1 then:
A) the firm
Q46: In the real world, agribusiness firms:
A) cannot
Q47: A change in relative prices will affect
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