An Isoquant Map,with Labor on the Horizontal Axis and Capital

question 36

Multiple Choice

An isoquant map,with labor on the horizontal axis and capital on the vertical axis,has horizontal isoquants.This implies that the:

• A)marginal product of capital is zero.
• B)marginal rate of substitution of capital for labor approaches infinity.
• C)marginal product of labor is zero.
• D)marginal rate of substitution of capital for labor is positive.

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Definitions:

Marries

The act of entering into a legal or spiritual union with another person, recognized by society or religious institutions as a partnership.

Scientific Method

A systematic procedure for collecting and analyzing evidence, critical in the exploration and understanding of the natural world.

Intolerance

The unwillingness to accept views, beliefs, or behavior that differ from one's own.

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution of values, commonly used values include the mean, median, and mode.