Author Question: Which of the following is a property of an isoquant? a. It is concave to the origin. b. Its slope ... (Read 103 times)

jhjkgdfhk · **on:** Jun 30, 2018

Which of the following is a property of an isoquant?
a. It is concave to the origin.
b. Its slope is given by the ratio of the marginal products, for example, (marginal product of capital) (marginal product of labor), where capital and labor are measured on the Y and X-axes respectively.
c. It gives the lowest-cost way of producing a certain level of output.
d. Isoquants cannot intersect each other.

Question 2

If a firm in a perfectly competitive market raises its price:
a. it will sell less but earn more revenue.
b. it will sell less but earn the same revenue.
c. it will sell exactly the same amount.
d. it will sell less or more depending on elasticity.
e. it will sell nothing.