A firm's isoquant shows:
a. the amount of labor needed to produce a given level of output with capital held constant.
b. the amount of capital needed to produce a given level of output with labor held constant.
c. the various combinations of capital and labor that will produce a given amount of output.
d. none of the above.
c
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In the above figure, if household consumption is positively related to household income, then an increase in household income will
A) shift the line rightward. B) shift the line leftward. C) make the line positively sloped. D) cause a movement along the line.
Typically, an individual takes only one newspaper from the bin because
A) of the low marginal utility of additional newspapers. B) total utility will rise with consumption of more than one newspaper. C) marginal utility increases with the first consumption of newspapers. D) there are limited amounts of newspapers in the bin.