The slope of the isoquant tells the firm how muchGroup of answer choicesoutput increases when labour increases by one unit.output increases when capital and labour are doubled.capital must decrease to keep output constant when labour increases by one unit.a unit of capital costs relative to the cost of labour.

Isoquants are downward sloping becauseGroup of answer choicesas more units of an input are used to produce a product, total cost increases.as more units of an input are used to produce a product, the firms marginal productivity increases.if more of one input is used, then less of the other input must be used to keep output constant.Both as more units of an input are used to produce a product, the firms marginal productivity increases and if more of one input is used, then less of the other input must be used to keep output constant

A graph showing all the combinations of capital and labor that can be used to produce a given amount of output is a(n)Group of answer choicesindifference curve.isoquant.isocost line.production function.

If wages and other costs fully adjust to changes in prices in the long run, the long-run aggregate supply curve isGroup of answer choicesvertical.horizontal.positively sloped.negatively sloped.

The point of tangency between an isocost line and an isoquant is necessarilyGroup of answer choicesthe profit-maximizing combination of inputs that should be hired to produce that output level.the least costly combination of inputs that can be hired to produce the output level.both the profit-maximizing and least costly combination of inputs that can be used to produce the output level.the minimum amount of output that can be attained for that level of expenditure.

Q1+1The slope of a demand curve depends onChoose one optionneither the units used to measure price nor the units used to measure quantitythe units used to measure price and the units used to measure quantitythe units used to measure price but not the units used to measure quantitythe units used to measure quantity but not the units used to measure price