The Figure Below Shows the Isocost Lines and the Isoquant

question 104

Multiple Choice

The figure below shows the isocost lines and the isoquant map for a firm producing golf tees. FIGURE 8-6
-Refer to Figure 8-6.

• A) the firm has adjusted the factor prices to equate the ratio of marginal products of the factors.
• B) the ratio of the marginal utilities of capital and labour is equal to the ratio of the prices of capital and labour.
• C) the ratio of the marginal products of capital and labour is equal to the ratio of the prices of capital and labour.
• D) the firm can adjust its employment of factors to reduce its total cost, with output unchanged.
• E) the firm is at its cost-minimizing position for an output level of 4000 golf tees.

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