Isocost Lines Represent

question 67

Multiple Choice

Isocost lines represent:

• A)the same value for every firm in the industry.
• B)are the same as implicit costs.
• C)the same total expenditure on the inputs to the production process.
• D)the sum of all past explicit costs

---

Definitions:

Isocost

A line that represents all combinations of inputs which have the same total cost for a firm, used in production theory to analyze cost minimization.

Price Of Labor

The wage rate or salary that employers pay to employees in exchange for their work.

Isocost

A line that represents all the combinations of inputs that have the same total cost.

Price Of Labor

The compensation (wages, salaries, and benefits) paid to employees for their work or services.