A firm's isoquant shows:
a. the amount of labor needed to produce a given level of output with capital held constant.
b. the amount of capital needed to produce a given level of output with labor held constant.
c. the various combinations of capital and labor that will produce a given amount of output.
d. none of the above.
c
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An implicit cost is
A) a nonmonetary opportunity cost. B) a cost that involves spending money. C) a cost unique to sole proprietorships. D) a cost unique to corporations.
Which definition of the money supply includes credit cards?
a. M1. b. M2. c. M3. d. None of these includes credit card balances.
The sign of the cross-price elasticity tells us whether two commodities are complements or substitutes, but the size of this elasticity measure tells us
a. how the supply side of the market reacts to changes in demand b. whether the government should regulate the two markets c. which technology producers use d. how closely the two goods are related e. whether or not excess profits can be made in either market
Which of the following statements best describes possibilities for trade?
a. Many larger national economies around the world, in regions like North America and Western Europe, have much more limited possibilities for trade inside their countries or their immediate regions. b. Many smaller national economies around the world, in regions like Latin America, Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their immediate regions. c. Many medium national economies around the world, in regions like Latin America, Africa, the Middle East, and Asia, have much more limited possibilities for trade inside their countries or their immediate regions. d. Many smaller national economies around the world, in regions like Eastern Europe, have much more limited possibilities for trade inside their countries or their immediate regions.