The Slope of an Isoquant Measures

question 150

Multiple Choice

The slope of an isoquant measures

• A)the price ratio of the two inputs.
• B)the average product of labor.
• C)the ratio of the marginal utility of the two inputs.
• D)the rate at which inputs can be substituted for each other keeping total output constant.

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Definitions:

Segmented Labour Market

Refers to an economic theory which suggests that the labour market is divided into separate segments or tiers, with different levels of wages, job security, and working conditions.

Labour Market Shelters

Economic areas or sectors less exposed to the competitive pressures of the global market, often providing more stable employment.

Non-standard Work

Employment that deviates from traditional norms in terms of hours, permanency, or contract conditions, often lacking in job security and benefits.

Divergent Thinking

A thought process or method used to generate creative ideas by exploring many possible solutions.