If Capital and Labor Are Perfect Substitutes in a Production

question 17

Multiple Choice

If capital and labor are perfect substitutes in a production function, the isoquants for this function will be

• A)concave from above.
• B)convex from above.
• C)a straight line.
• D)any one of these depending on the particular combination of labor and capital employed.

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Definitions:

Marine Animals

Animals that live in the ocean environment, including both vertebrates and invertebrates.

Small Offspring

Refers to the progeny of an organism that are smaller in size at birth or hatching, often a strategy influenced by environmental conditions or parental investment.

Economic Defensibility

The concept that a territory can be held and defended from rivals if the benefits gained from it outweigh the costs of defense.

Territorial

Relating to the defense or occupation of a specific area or territory by an individual or group as part of its survival strategy.