Question

An isoquant is a curve that shows A. all the output levels that can be produced from a given set of inputs. B. all the combinations of inputs that cost the same total amount. C. the optimal combination of inputs to use to produce any given level of output. D. all the combinations of inputs that yield the same total output.

Answer 1

Answer:

The correct answer is (d)

Explanation:

There are two basic sides in the market, the consumers and the producers. In order to identify the combination of outputs that provide the same level of the utility indifference curve is used. On the other hand, in order to identify the combination of inputs which gives the same level of output is represented by isoquant. It represents a constant quantity of output