Author Question: An isocost line reveals the A) costs of inputs needed to produce along an isoquant. B) costs of ... (Read 80 times)

colton · **on:** Jul 1, 2018

An isocost line reveals the

A) costs of inputs needed to produce along an isoquant.
B) costs of inputs needed to produce along an expansion path.
C) input combinations that can be purchased with a given outlay of funds.
D) output combinations that can be produced with a given outlay of funds.

Question 2

Monopolistically competitive firms have monopoly power because they

A) face downward sloping demand curves.
B) are great in number.
C) have freedom of entry.
D) are free to advertise.