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The ability to see,conceive,and create new and unique products,services is
Isocost Line
A line representing all combinations of the inputs that cost the same total amount for production.
Isoquant
Curve showing all possible combinations of inputs that yield the same output.
Minimum Cost
The lowest possible expenditure to produce a given quantity of goods or services.
Expansion Path
Curve passing through points of tangency between a firm’s isocost lines and its isoquants.
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