The Least Costly Way to Produce Any Given Level of Output

question 75

Multiple Choice

The least costly way to produce any given level of output is indicated by

• A) the point of intersection between the isoquant corresponding to that level of output and the Y-axis.
• B) the point of intersection between the isoquant corresponding to that level of output and the X-axis.
• C) the point of tangency between an isocost line and the isoquant corresponding to that level of output.
• D) the isocost line corresponding to that level of output.

---

Definitions:

Information Processing Approach

A cognitive psychology theory that compares human thought processes to computer analysis, emphasizing ways in which people focus on, analyze, store, and retrieve information.

Piaget

Jean Piaget was a Swiss psychologist known for his pioneering work in child development, particularly his theory of cognitive development that describes how children's intellect grows.

Vygotsky

A psychologist known for the sociocultural theory, emphasizing the importance of social interaction in the development of cognition and learning among children.

Automatization

The process of making an action or process automatic, often through practice or technology, decreasing the need for conscious involvement.