______ identifies all of the input combinations that efficiently produce a given amount of output.
A) A production function
B) An efficient production frontier
C) A production possibilities curve
D) An isoquant

Question

Quizplus · Accepted Answer

An isoquant (short for "isocost quantity") is a curve that identifies all of the input combinations that efficiently produce a given amount of output. It helps a firm determine the optimal combination of inputs (e.g. labor and capital) in order to produce a certain level of output while minimizing costs. A production function, efficient production frontier, and production possibilities curve all relate to the concept of production, but they do not specifically identify input combinations that efficiently produce a given amount of output.

______ Identifies All of the Input Combinations That Efficiently Produce