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Refer to Figure 11-12. The movement from isoquant T to isoquant U depicts

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Refer to Figure 11-12. The movement from isoquant T to isoquant U depicts

Question 1.

Figure 11-12

Refer to Figure 11-12. The movement from isoquant T to isoquant U depicts

▸

an increase in labor usage holding capital and output constant.

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an increase in output.

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an increase in the cost of production.

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a change in preferences with regards to input usage.

Question 2.

Figure 11-12

Refer to Figure 11-12. Which of the following statements about the input combinations shown in the diagram is false?

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The firm produces a lower output level when it uses input combination d compared to input combination a.

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The firm produces a higher output level when it uses input combination b compared to input combination a.

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The firm produces the same output level when it uses input combination a or c.

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The firm incurs the same total cost when it uses input combination a or c to produce a given quantity of output.

Textbook

InMicro

Edition: 1^st

Authors: Hubbard, O'Brien

Read 115 times

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mbowdish Author

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