The Expansion Path

question 33

Multiple Choice

The expansion path

• A) is always a straight line that slopes upward
• B) shows the least-cost input combinations for producing each level of output, if input prices are constant
• C) shows the utility-maximizing combinations of products that society can produce, given resources and technology
• D) shows the economic growth made possible when technology improves
• E) shows the firm's profit-maximizing quantity of output at various product prices

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Definitions:

Nanometer

A unit of length in the metric system, equal to one billionth of a meter, often used to measure wavelengths of light and dimensions of molecules.

Picometer

A unit of length in the metric system, equal to one trillionth of a meter, used to measure extremely small distances.

Nucleolus

Specialized structure in the cell nucleus formed from regions of several chromosomes; site of assembly of the ribosomal subunits.

Ribosomal RNA

A type of RNA that, together with proteins, forms the structure of ribosomes, the cellular machinery responsible for protein synthesis in all living organisms.