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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Definitions:

Prenatal Development

Development from conception to birth.

Zygote

Cell that results from the union of a sperm and an ovum.

Chromosome

A threadlike structure of nucleic acids and protein found in the nucleus of most living cells, carrying genetic information in the form of genes.

Fertilization

The process of a sperm cell joining with an egg cell, resulting in the formation of a zygote that can develop into a new organism.