The Function Which Shows Combinations of Inputs That Yield the Same

question 61

Multiple Choice

The function which shows combinations of inputs that yield the same output is called a(n) :

• A) isoquant curve.
• B) isocost curve.
• C) production function.
• D) production possibilities frontier.

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Definitions:

Excess Capacity

A situation where a firm is producing at a lower level of output than it has the potential to due to insufficient demand.

Average Total Cost

The total cost of production divided by the number of units produced, representing the per unit cost of production.

Economic Usefulness

The degree to which a product or service can satisfy consumers' needs and desires, thus determining its value in the market.

Peyton Manning

A retired American football quarterback who played in the National Football League (NFL), known for his records and time with the Indianapolis Colts and Denver Broncos.