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Which of the following statements is (are) TRUE?
I. If labor and capital are perfect substitutes in production, the isoquant is a downward-sloping line.
II. If a company needs to use inputs in fixed proportion such that the capital to labor ratio is always 2, the firm's isoquants are L-shaped.
III. If the production function is given by Q = min(14, 7) , the firm can produce, at minimum, 21 units of output.
Municipal Taxes
Local government levies imposed on property owners to fund public services such as schools, roads, and emergency services.
Insure Premises
The process of obtaining insurance coverage for physical property against loss or damage.
Collateral Mortgage
A type of mortgage where the borrower offers property as security for the loan, beyond the purchased property itself.
Foreclosure Proceedings
The legal process by which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments, usually leading to the seizure and sale of the borrower's property.
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