Course Code eco232 Question When output are increased by increasing either capital or labour, ___ will slope downward to the right Answer Isoquants Question The path of tangencies between isoquants and isocosts is termed ___ Answer Expansion Path Question ___ is not held as a constant when a producer’s supply curve is determined Answer Price of the output Question At equilibrium, ___ do not change Answer Price Question The amount of a product a firm is willing and able to offer for sale at a particular price is referred to as ___ Answer Quantity Supplied Question ___ is not an example of a production function Answer Marginal Rate of Substitution Question The rate at which one input can be substituted for another, while output remains constant Answer Marginal Rate of Technical Substitution Question The combination and organization of inputs that transforms them into a different but useful output is termed ___ Answer Production Question A drop in price will lead to a rise in total revenue when demand is ___ Answer Elastic Question When quantity demanded is greater than quantity supplied at current price, we have ___ Answer Excess Demand Question When output are increased by increasing either capital or labour, ___ will slope downward to the right Answer Isoquants Question The path of tangencies between isoquants and isocosts is termed ___ Answer Expansion Path Question ___ is not held as a constant when a producer’s supply curve is determined Answer Price of the output Question At equilibrium, ___ do not change Answer Price Question The amount of a product a firm is willing and able to offer for sale at a particular price is referred to as ___ Answer Quantity Supplied Question ___ is not an example of a production function Answer Marginal Rate of Substitution Question The rate at which one input can be substituted for another, while output remains constant Answer Marginal Rate of Technical Substitution Question The combination and organization of inputs that transforms them into a different but useful output is termed ___ Answer Production Question A drop in price will lead to a rise in total revenue when demand is ___ Answer Elastic Question When quantity demanded is greater than quantity supplied at current price, we have ___ Answer Excess Demand Try Another Search