Changes in the Price of an Input Cause

question 48

Multiple Choice

Changes in the price of an input cause:

• A) isoquants to become steeper.
• B) slope changes in the isocost line.
• C) parallel shifts of the isocost lines.
• D) changes in both the isoquants and isocosts of equal magnitude.

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Definitions:

Data

Quantitative or qualitative information collected for reference or analysis.

Standard Deviation

A parameter that indicates the level of dispersion or variability within a collection of data points.

Data

Factual information, especially measurements or research results, used as a basis for reasoning, discussion, or calculation.

Standard Deviation

An indicator that quantifies the extent of spread or deviation of a collection of values from their average.