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:

Goods

Tangible items that are manufactured or produced for sale.

Voidable Title

A legal status indicating that a title to ownership can be rendered void or cancelled due to certain defects or fraud, but remains valid until annulled.

Bad Check

A check that cannot be processed because the account on which it is drawn does not have sufficient funds.

Seller Transfers

The act of a seller handing over the rights, responsibilities, and ownership of products or property to the buyer.