A graph showing all the combinations of capital and labor that can be used to produce a given amount of output is a(n)
A. production function.
B. isoquant.
C. indifference curve.
D. isocost line.
Answer: B
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If two simultaneous move Bertrand price competitors have different constant marginal costs, then any price between their marginal costs could be a Nash equilibrium price.
Answer the following statement true (T) or false (F)
When the U.S. housing market slumped from 2005 to 2007, we would expect the demand curve for lumber
a. exhibited a movement along to the right b. shifted to the left c. exhibited a movement along to the left d. shifted to the right e. None of the answers is correct.
The primary benefits derived from tariffs usually accrue to the:
a. domestic consumers of goods protected by the tariffs. b. foreign producers of goods protected by the tariffs. c. domestic producers of export goods. d. domestic suppliers of goods protected by the tariffs.
How can actual investment be greater than desired investment, and what type of gap is the economy experiencing when this occurs?
What will be an ideal response?