Questions
ECON3200001.1251 Pre-class Quiz 6
Single choice
A curve that illustrates how the optimal mix of inputs varies with total output is:
Options
A.The firm’s expansion path
B.The total cost curve
C.The firm’s opportunity cost
D.The firm’s profit function
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Step-by-Step Analysis
The question asks which curve shows how the optimal mix of inputs changes as total output varies.
Option 1: The firm’s expansion path. This is the correct concept in production theory; the expansion path traces the least-co......Login to view full explanationLog in for full answers
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