What is an isocost line? What is the slope of an isocost line?
What will be an ideal response?
The isocost line shows all the combinations of two inputs, such as capital and labor, that have the same total cost. The slope of the isocost line is equal to the ratio of the price of the input on the horizontal axis divided by the price of the input on the vertical axis, multiplied by -1.
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The merchandise trade balance measures
a. the value of goods and services exported b. the value of all goods and services exported minus the value of all goods and services imported c. the value of all goods and services exported minus the value of all goods and services imported, and transactions to finance the difference d. the value of all tangible products exported minus the value of all tangible products imported e. the value of all tangible products exported minus the value of all tangible products imported, and transactions to finance the difference
A perfectly elastic demand curve is represented by a vertical line
a. True b. False Indicate whether the statement is true or false