The Point of Tangency Between an Isocost Line and an Isoquant

question 56

Multiple Choice

The point of tangency between an isocost line and an isoquant is necessarily

• A) the profit-maximizing combination of inputs that should be hired to produce that output level.
• B) the least costly combination of inputs that can be hired to produce the output level.
• C) both the profit-maximizing and least costly combination of inputs that can be used to produce the output level.
• D) the minimum amount of output that can be attained for that level of expenditure.

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Definitions:

Gender

A social construct that refers to roles, behaviors, activities, and attributes that a given society considers appropriate for men and women.

Nominal Variables

Categorical data that classify data into distinct categories that do not have an inherent order or ranking.

Cross-Classification Table

A cross-classification table displays the frequency distribution of variables in a table format, facilitating the analysis of the relationship between two or more categorical variables.

Cross-Classification Table

A table used to display the frequency distribution among variables, showing how many times each combination of variable categories occurs.