To Say That Isoquants Are Convex Is to Say That

question 5

Multiple Choice

To say that isoquants are convex is to say that

• A) the marginal rate of technical substitution falls as labor increases.
• B) capital and labor are perfect substitutes.
• C) labor, but not capital, is subject to the law of diminishing marginal returns.
• D) there are constant returns to scale.

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