An Isoquant Shows the Various Combinations of Labor and Capital

question 49

Multiple Choice

An isoquant shows the various combinations of labor and capital that

• A) the firm will choose to employ in the long run.
• B) yield the same total cost.
• C) can produce some fixed level of output.
• D) minimize the firm's average cost of production.

---

Definitions:

Merchandising

The activity of promoting the sale of goods, especially by their presentation in retail outlets.

Opportunity

A set of circumstances that makes it possible to do something or achieve a goal.

Industrial Revolution

The period of major industrialization that took place during the late 1700s and early 1800s, significantly transforming agriculture, manufacturing, and transportation worldwide.

Millions

A numeral term signifying a thousand thousands, or 1,000,000 units of a given quantity.