In Order for Isoquants to Have a Diminishing Marginal Rate

question 41

Multiple Choice

In order for isoquants to have a diminishing marginal rate of substitution,they must be:

• A) L-shaped.
• B) straight lines.
• C) vertical.
• D) None of the preceding statements is correct.

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Definitions:

Dimensional-Analysis

A method in physics and engineering to check the consistency of equations and to perform unit conversions.

Conversion Factor

A numerical value used to convert quantities expressed in one unit into another unit of measure.

Minutes

A unit of time equal to one sixtieth of an hour, or 60 seconds.