Which of the Following Are Characteristics of a Typical Isoquant

question 56

Multiple Choice

Which of the following are characteristics of a typical isoquant?

• A)All input combinations on the isoquant will produce the same level of output.
• B)The marginal rate of technical substitution decreases as more labor is substituted for less capital.
• C)A change in input prices shifts the isoquant map.
• D)both a and b
• E)none of the above

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Definitions:

Barnum Effect

The tendency to accept vague and general personality descriptions as highly accurate for oneself.

External Locus

A psychological term indicating when individuals believe that external forces or events control their life outcomes, rather than their own efforts.

Self-Serving Bias

A common cognitive bias that causes individuals to attribute their successes to internal factors and failures to external factors.

Introvert

Describes a person who tends to be more focused on internal thoughts and feelings rather than seeking external stimulation.