The Point of Tangency Between an Isocost Line and an Isoquant

question 56

Multiple Choice

The point of tangency between an isocost line and an isoquant is necessarily

• A) the profit-maximizing combination of inputs that should be hired to produce that output level.
• B) the least costly combination of inputs that can be hired to produce the output level.
• C) both the profit-maximizing and least costly combination of inputs that can be used to produce the output level.
• D) the minimum amount of output that can be attained for that level of expenditure.

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Definitions:

Statement Of Needs

A documented expression of the requirements or necessities that a project, proposal, or program aims to address or fulfill.

Grant Proposal

A formal request for financial assistance submitted to an organization or government entity, outlining a project's goals, methodology, and budget.

Logical

Pertaining to or exhibiting clear, reasoned thinking and analysis, typically following a coherent structure.

Due Date

The specified date by which something must be completed or submitted.