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If a firm expects that the price of its product will be higher in the future than it is today, then
Convex Isoquants
Curves that depict combinations of inputs that yield the same level of output in a production process, where convexity implies diminishing marginal rates of technical substitution.
Expansion Path
In economics, the curve that shows how a firm's production changes as it increases inputs, keeping the input mix proportionate.
Marginal Product
The additional output obtained by employing one more unit of a specific input, keeping all other inputs constant.
Perfect Substitutes
Two goods for which the marginal rate of substitution of one for the other is a constant.
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