Isoquants reflect the fact that in the long run:
a. inputs can be substituted for each other.
b. a fixed set of inputs can produce different levels of output.
c. inputs used in production are complementary in nature.
d. different levels of input can be used to satisfy a budget constraint.
Question 2
Why is a perfectly competitive firm said to be a price taker?
a. It produces such a good which is not produced by any other firm in the market.
b. It faces a downward sloping market demand curve.
c. The firm's individual production is insignificant relative to the production in the industry.
d. There are no barriers to the entry of new firms in the industry.
e. The firm's marginal-revenue curve is downward sloping.
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