Examlex
Which of the following statements is false?
Isoquant
A curve that represents all the combinations of inputs that result in the production of a certain level of output, suggesting input substitutability in the production process.
Capital
Financial assets or the financial value of assets, such as cash and goods, used by a business to produce goods and services and create wealth.
Labor
The use of human labor, be it physical or intellectual, in generating goods and services.
MRTS
Marginal Rate of Technical Substitution. It's the rate at which one input can be reduced for every increase in another input, keeping output constant.
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