Isocost lines
A) represent the combinations of inputs that have the same marginal cost.
B) represent the combinations of inputs that have the same total cost.
C) are the inverse of the isoquant lines.
D) represent supply and demand for inputs at a given cost.
B
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In the macroeconomic long run
A) real GDP is always below potential GDP. B) there is full employment with no unemployment. C) output always is above potential GDP. D) there is full employment and real GDP is equal to potential GDP.
Larry spends all his $800 monthly income on pizza and milk. The price of pizza is $4 a slice, and the price of milk is $2 per quart. The relative price of milk is
A) 2 slices of pizza per quart. B) 0.5 slices of pizza per quart. C) $2 per quart. D) 0.5 quarts per slice of pizza.