The shape of a firm's expansion path depends upon
a. the price of the labor input.
b. the price of the capital input.
c. the shape of the firm's production function.
d. all of these factors.
Question 2
The firm's expansion path records
a. profit-maximizing output choices for every possible price.
b. cost-minimizing input choices for all possible output levels for when input prices expand along with production.
c. cost-minimizing input choices for all possible output levels for a fixed set of input prices.
d. cost-minimizing input choices for profit-maximizing output levels.
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