The price of sugar that prevails in international markets is called the

Which of the following statements about production isoquants is correct?

A) They show all the combinations of two inputs that result in the same level of output. B) They are usually concave to the origin. C) They show all the combinations of two inputs that yield the same cost of production. D) They represent lower levels of output the farther they are from the origin.

Which of the following best illustrates perfect competition?

a. Wheat farming. b. Orange growers setting quotas under the Sunkist cooperative. c. General Motors advertising campaign for its cars. d. All of these.