An isoquant is ______ to an iso cost line at equilibrium point.a.Convexb.Concavec.Tangentd.Perpendicular

30. A production function in which the inputs are perfectly substitutablewould have isoquants that are:Select correct option:Convex to the origin.L shaped.Linear.Concave to the origin

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.

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

Indifference curves are convex to the origin because. A. Two goods are perfect complementary goods. B. Two goods are imperfect substitutes. C. Two goods are perfect substitutes. D. None of the above

7) A country cannot produce a mix of products with a higher value than whereA) theisovalue line is tangent to the production possibility frontier.B) theisovalue line intersects the production possibility frontier.C) theisovalue line is above the production possibility frontier.D) theisovalue line is below the production possibility frontier.E) theisovalue line is tangent with the indifference curve.