To Model the Input Decisions for a Production System, We

question 14

Multiple Choice

To model the input decisions for a production system, we plot labor on the horizontal axis and capital on the vertical axis. In the short run, labor is a variable input and capital is fixed. The short-run expansion path for this production system is:

• A) a vertical line.
• B) a horizontal line.
• C) equal to the 45-degree line from the origin.
• D) not defined.

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